Bitcoin Holds Near $78,000 After Tech Stocks' Worst Week Since Spring

Bitcoin steadied near $78,000 on Sunday morning after the worst week for technology stocks since the spring, and the calm in crypto stood in sharp contrast to the damage on Wall Street on Friday. Bitcoin traded at $77,861, up 0.5 percent in 24 hours, according to market data published by Dextape, while a TokenPost snapshot at 1 a.m. Eastern put it at $77,821, up 0.81 percent. Ether traded near $2,262 to $2,269, up about 1 percent, and Solana sat near $95, slightly lower on the day. The total value of the crypto market was about $2.63 trillion to $2.64 trillion, down about 2 percent in 24 hours, with Bitcoin holding 59.3 percent of the total.

Stocks had no such calm. On Friday, October 30, the Nasdaq Composite fell 2.86 percent to 25,437.00, the S and P 500 fell 1.82 percent to 7,580.07, and the Dow Jones Industrial Average fell 1.09 percent to 51,770.31, Reuters reported. Intel plunged 28.6 percent, its worst day in decades, after a weak fourth quarter outlook. Nvidia fell 4.2 percent, AMD fell 10.9 percent, and the broader chip index shed 7.2 percent. The Nasdaq closed October down 5.3 percent, its worst month since March 2025.

Why it matters

The selloff is about one question: how much money the biggest technology firms can spend on artificial intelligence before investors demand proof that the spending pays. The BBC reported that five major firms have committed a combined $800 billion to AI spending in 2026. Alphabet fell 12 percent on Thursday, October 29, after disclosing heavy cash outflows. Amazon reported negative free cash flow tied to a $220 billion capital spending plan. On Friday, Intel paid the highest price, losing more than $130 billion in market value in one session after forecasting fourth quarter revenue of $15 billion to $16 billion, well below what analysts expected.

The context

The Federal Reserve held interest rates steady this week in a 10 to 2 vote, with two officials favoring a hike, and core PCE inflation, the measure the Fed watches most closely, rose to 3.1 percent year over year in September. High rates make giant AI spending harder to defend, because borrowing to build data centers costs more and the payoff sits years away. Gold closed Friday near $3,877 an ounce, down 6.7 percent in October, and silver fell more than 18 percent in the month, so the usual shelters did not shelter anyone.

Crypto took its own hit this week from the $6.3 billion Binance theft, which the FBI has attributed to North Korea. Bitcoin fell to a six week low near $76,360 on Friday before recovering. Binance said withdrawals resumed on Sunday after it covered most of the stolen tokens, and that steadier footing is part of why crypto opened November calmer than stocks did.

Key numbers

• Bitcoin: near $77,900, up about 0.5 to 0.8 percent in 24 hours
• Ether: near $2,265, up about 1 percent
• Solana: near $95, slightly lower
• Nasdaq Composite: down 2.86 percent Friday to 25,437.00
• S and P 500: down 1.82 percent to 7,580.07
• Intel: down 28.6 percent Friday, its worst day since 1974 on some measures
• Combined 2026 AI spending by five big firms: about $800 billion
• Core PCE inflation: 3.1 percent year over year in September

What it means for ordinary money

For anyone with a 401k or an index fund, Friday was a reminder that the funds marketed as diversified now lean heavily on a handful of technology names. When those names fall together, the whole account falls with them. For borrowers, the Fed holding rates with inflation at 3.1 percent means mortgage and credit card rates are unlikely to drop soon. For savers, high yields on cash accounts remain available precisely because the Fed is in no hurry. None of this is a reason to panic. It is a reason to know what you own.

What happens next

US markets reopen on Monday, November 2, one day before the midterm elections on Tuesday, November 3. Traders will watch whether chip stocks stabilize, whether the big AI spenders cut their 2027 spending guides, and what the election does to expectations for taxes and regulation. Crypto traders will watch whether Bitcoin can hold the $76,000 to $77,000 area that caught it on Friday.