Published: · Region: Global · Category: markets

Bitcoin reaches record $77,000 as U.S. stocks slide and tech shares tumble

Bitcoin hit a new all-time high of $77,000 on 5 November even as the S&P 500 fell 3.8% and U.S. stocks lost about $2.3 trillion in the first hour of trading, with major tech names under pressure.

Bitcoin climbed to a new all-time high of $77,000 on 5 November, standing out against a sharp selloff in U.S. equities and pressure on leading technology stocks.

The move took place as U.S. stock indexes were having one of their toughest sessions in years. The S&P 500 dropped as much as 3.8%, and about $2.3 trillion in market value was wiped out in the first hour of trading. AI chip stocks weighed heavily on the market, and Nvidia fell 5.6% to its lowest level since April.

Against that backdrop, Bitcoin’s rise to $77,000 underscored how differently the largest cryptocurrency was trading compared with major equity benchmarks on the day. The new record rewarded investors who had held through previous downturns and drew fresh attention at a time when losses in mainstream assets were mounting.

For anyone exposed to both markets, the contrast was stark: index funds tracking the S&P 500 reflected deep intraday losses, while Bitcoin notched a milestone price.

Key developments to watch from here include whether Bitcoin’s record drives renewed interest in other cryptocurrencies and whether regulators or large financial institutions respond in any visible way to the latest surge.

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