Update
Bitcoin Rebounds Above $81,500 After Tech-Led Sell-Off
Bitcoin has rebounded above $81,500 after a sell-off in the tech market caused its price to dip near $80,000. The recovery suggests buyers are attempting to defend the $80,000 area. The rebound follows a reversal from Wednesday’s high near $84,800, as concerns over technology stocks and AI spending triggered losses in financial markets. Bitcoin’s initial decline followed an intense sell-off in U.S. equities on Thursday, October 22, as AI spending, technology company earnings, and escalating geopolitical tensions weighed on risk appetite. The Nasdaq Composite fell 2.6%, its worst session since June, while the S&P 500 dropped 1.21%. Losses among major technology stocks included Meta Platforms, which fell 6.98%, and Nvidia, which declined 4.4%. The weakness subsequently spread to Asian markets. South Korea’s Kospi fell 2.3%, and Japan’s Nikkei 225 lost 1.6% during Friday morning trading. Bitcoin has increasingly traded alongside risk-sensitive technology stocks. The latest sell-off illustrates how concerns over AI valuations and corporate spending pressure crypto prices even without a Bitcoin-specific catalyst. The decline also triggered massive liquidations in the crypto leveraged market.