Bitcoin Drops Below $77,000: Tech Stock Sell-offs Affect the Crypto Market

Bitcoin (BTC) fell below $77,000 as selling pressure on technology stocks deepened ahead of the US midterm elections and spread to the cryptocurrency market. Sharp losses in the semiconductor sector accelerated sell-offs in risky assets across global markets. The stock index tracking semiconductor companies in the U.S. has lost 12 percent in the last three trading days. With the decline in technology stocks widening, the Nasdaq 100 index also fell 10 percent from its peak, entering a technical correction zone. The negative sentiment in US markets also spilled over into Asian stock markets.