ZEC plunged nearly 10%, BNB dropped below $700; the Nasdaq 100 entered correction territory, dragging Asian stock markets lower.

During early Asian trading hours on Tuesday, Bitcoin fell 2% to below $77,000, erasing Monday's rebound gains.

US chipmaker stocks deepened their decline, weighing on Asian equities, with only hours remaining before voting begins in the US midterm elections.

Bitcoin has now broken below the approximately $77,600 low touched late Sunday night, when buying interest stepped in and briefly pushed the cryptocurrency higher.

ZEC posted the largest decline, dropping nearly 10% to around $1,140. The token had been one of the best performers among major cryptocurrencies on Monday.

HYPE fell 5% to around $84; SOL declined 3% to approximately $92.

BNB dropped 2%, falling below $700.

Ethereum and DOGE both fell about 2%, with Ethereum trading above $2,250.

XRP was roughly flat at $1.25.

According to data, TRX was the only major cryptocurrency to gain, rising about 2%.

The selloff began on Wall Street. The US chipmaker index fell for a third consecutive trading session, with cumulative losses widening to 12%; the Nasdaq 100 is now down 10% from its recent high.

Traders typically refer to a market index falling 10% from its recent peak as a technical correction.

The S&P 500 declined 0.5%.

South Korea's Kospi, which is heavily weighted toward technology stocks, dropped more than 3%, while the MSCI Asia-Pacific index fell nearly 1%.

Japanese markets were closed for a holiday.

International oil prices fell sharply amid optimism that the Iran war is closer to ending, but this failed to lift market sentiment.

American voters will head to the polls on Tuesday, with the first election results expected to roll in as Asian markets open on Wednesday.