Bitcoin fell below $77,000 during Asian morning trading on November 3, reversing its previous day’s recovery. The decline coincided with further losses in technology stocks and withdrawals from US spot Bitcoin exchange-traded funds. Investors were also awaiting the November 3 US midterm elections.
Bitcoin Reverses Monday’s Recovery
Bitcoin declined approximately 2% to just below $77,000 in CoinDesk’s Asian-morning snapshot on November 3. The move erased its November 2 rebound and took it below the approximately $77,600 level recorded late on November 1. Ether also fell approximately 2% to just above $2,250, according to CoinDesk. These prices describe that reporting period rather than current trading levels.
Technology Shares Extend Declines
US technology shares ended November 2 lower, with the Nasdaq Composite falling 1.1% to 25,164.32 points, according to the Associated Press. The S&P 500 surrendered an earlier gain of as much as 1.1% and closed down 0.5% at 7,541.40 points. The Dow Jones Industrial Average rose 0.4% to 51,983.98 points, showing that the session’s weakness was not uniform across US equities. Nvidia reversed an early gain and finished lower, weighing on the S&P 500.
Chipmakers Face Earnings Pressure
Intel shares fell 8.8% on November 2 after the company forecast quarterly revenue below market expectations and said it did not expect positive cash flow during 2026, according to Reuters. AMD declined 7.5% ahead of its November 3 earnings report. Reuters also reported that concerns about spending on artificial-intelligence infrastructure outpacing near-term cash generation had contributed to the Nasdaq’s 5.3% decline during October. The semiconductor losses extended the technology-sector weakness preceding Bitcoin’s November 3 retreat.
Bitcoin ETFs Record Withdrawals
US spot Bitcoin ETFs recorded $398.6 million in net outflows on November 2, according to Farside Investors’ published flow table. BlackRock’s iShares Bitcoin Trust accounted for $405.3 million in outflows, partly offset by $6.7 million entering Fidelity’s Wise Origin Bitcoin Fund. The table recorded another $643.2 million in net outflows on October 30, bringing withdrawals across the two trading sessions to approximately $1.04 billion. These figures measure net fund flows, rather than losses caused by changes in Bitcoin’s price.
Altcoin Losses Broaden
Solana fell approximately 3% to $92, while BNB declined approximately 2% to below $700 during the November 3 Asian-morning snapshot, according to CoinDesk. Hyperliquid dropped approximately 5% to $84. Zcash fell nearly 10% to approximately $1,140 after leading the major cryptocurrencies’ gains a day earlier. Tron moved against the prevailing direction, rising approximately 2%.
Congressional Vote Shapes Policy Outlook
The November 3 elections will determine control of the US Congress, with implications for pending cryptocurrency legislation and industry oversight, according to CoinDesk’s November 2 calendar preview. Initial election results were expected during Asian trading hours on November 4. Bitcoin’s reported decline occurred before those results, rather than in response to a confirmed outcome. Congressional control is part of the policy backdrop, but the reporting does not establish the election as the sole cause of the price decline.
Jobs Report Follows Election
The US October employment report is scheduled for November 6, following the election, according to CoinDesk’s weekly market calendar. The release includes nonfarm payrolls and the unemployment rate, providing another update on US labor-market conditions. Interest-rate decisions from the Reserve Bank of Australia and Bank of England also feature in the week’s calendar. The sequence places the election and economic releases within the same trading week, without establishing a predetermined direction for cryptocurrency prices.
