Amid spillover from a sell-off in U.S. tech stocks, BTC came under pressure and briefly fell to $75,000
On November 6, analyst Axel Adler Jr. wrote that U.S. tech stocks saw their biggest single-day decline since the COVID-19 pandemic yesterday. Selling pressure spread across markets, putting significant downward pressure on Bitcoin.
Market data showed that the Nasdaq 100 plunged 6.36% in a single day to 26,630, its steepest drop since the pandemic. The S&P 500 Information Technology sector tumbled 7.3%, while the Philadelphia Semiconductor Index plummeted 12%.
The trigger for the market turmoil was the results of gubernatorial elections in Texas, Ohio, and Georgia. The Democratic candidates who won proposed pausing plans to build new data centers, directly fueling concerns about a slowdown in AI infrastructure investment.
That same day, the VIX volatility index surged nearly 70%, from 16.6 to 28.2, signaling increased volatility in U.S. stocks over the next 30 days.
Analysts say extreme volatility could force funds to reduce exposure and seek safer assets, intensifying the stock sell-off and creating a negative feedback loop that ultimately puts pressure on crypto assets such as Bitcoin.
The spillover effect has already been clearly reflected in cryptocurrency prices. After briefly recovering to $80,000 this week, Bitcoin came under renewed pressure and at one point fell to the $75,000 level.
Looking ahead, Adler Jr. said that stabilization in the Nasdaq and a decline in the VIX are key signals that the pressure is easing. Until then, the Bitcoin market should remain alert to the risk of further selling.
#分析师观点
On November 6, analyst Axel Adler Jr. wrote that U.S. tech stocks saw their biggest single-day decline since the COVID-19 pandemic yesterday. Selling pressure spread across markets, putting significant downward pressure on Bitcoin.
Market data showed that the Nasdaq 100 plunged 6.36% in a single day to 26,630, its steepest drop since the pandemic. The S&P 500 Information Technology sector tumbled 7.3%, while the Philadelphia Semiconductor Index plummeted 12%.
The trigger for the market turmoil was the results of gubernatorial elections in Texas, Ohio, and Georgia. The Democratic candidates who won proposed pausing plans to build new data centers, directly fueling concerns about a slowdown in AI infrastructure investment.
That same day, the VIX volatility index surged nearly 70%, from 16.6 to 28.2, signaling increased volatility in U.S. stocks over the next 30 days.
Analysts say extreme volatility could force funds to reduce exposure and seek safer assets, intensifying the stock sell-off and creating a negative feedback loop that ultimately puts pressure on crypto assets such as Bitcoin.
The spillover effect has already been clearly reflected in cryptocurrency prices. After briefly recovering to $80,000 this week, Bitcoin came under renewed pressure and at one point fell to the $75,000 level.
Looking ahead, Adler Jr. said that stabilization in the Nasdaq and a decline in the VIX are key signals that the pressure is easing. Until then, the Bitcoin market should remain alert to the risk of further selling.
#分析师观点
