Bitcoin retreated on Tuesday, failing to make any significant progress amid a sharp sell-off that swept through global technology stocks, keeping appetite for high-risk and speculative assets at a minimum.
The world's largest cryptocurrency fell 0.4% to $83,673.10 by 8:56 AM Saudi time. Bitcoin had earlier touched a low of $81,054.70.
The broader cryptocurrency markets also declined, remaining under profit-taking pressure in October, following a strong performance in the third quarter.
The absence of any regulatory updates or major purchases kept cryptocurrency prices within a narrow range, despite the historical pattern of October showing outstanding performance for these assets.
Bitcoin under pressure as risk aversion rises amid AI stock sell-off
Bitcoin and cryptocurrency markets have been affected by a widespread risk aversion, amid a sharp sell-off that has hit artificial intelligence and global technology stocks.
Artificial intelligence stocks have been hit hard by growing doubts about the long-term returns of this technology, especially after a report last week revealed that OpenAI, a leader in the sector, has achieved lower revenues than initially expected since the beginning of 2026.
Chipmakers have also come under increasing pressure amid growing concerns about Chinese technological advances, which could increase supply and drive down AI-driven prices in the sector.
Although these negative movements did not directly affect Bitcoin, it and the wider cryptocurrency markets were swept along by a general aversion to risk.
Traditional safe havens such as gold and the Japanese yen saw a significant increase in demand this week.
Bitcoin whale moves $378 million after 6 years of inactivity
A Bitcoin wallet dating back to 2019, containing thousands of units of the currency, moved 5,582 Bitcoins worth about $378 million on Monday, after six years of complete inactivity.
Blockchain data showed that these coins were distributed across five addresses, and remained in those wallets without any sales or transfers so far.
Monday's transaction comes amid a growing trend of Bitcoin wallet holders moving large amounts of the cryptocurrency. Such moves often foreshadow imminent sales by their owners, with the next step usually being to send the Bitcoin to a trading platform for sale.
Cryptocurrency prices today: Altcoins fluctuate in line with Bitcoin
Prices for the broader cryptocurrency market declined on Tuesday, following Bitcoin's lead.
Ether, the world's second-largest cryptocurrency, fell 1.4% to $2,534.41, while XRP declined 2.7%.
Cardano and Solana fell by 5.3% and 3.6% respectively, while BNB declined by 1.3%.
The meme cryptocurrencies Dogecoin and $TRUMP fell by 3% and 1.9% respectively.
