Bitcoin plunges below $66,000 as global stocks, AI trades hit fresh records
BTC plunged 6.4% to a 24-hour low of $65,708 and ether broke below $1,900 in Asian trading on Wednesday, just hours after the MSCI All Country World Index set a fresh all-time high on the AI rally.
What to know:
- Major cryptocurrencies tumbled even as global stock indexes hit fresh records, with bitcoin dropping as much as 12.3 percent on the week and ether down 11.1 percent.
- The sell-off followed a string of bearish crypto developments, including MicroStrategy’s first disclosed bitcoin sale, heavy spot bitcoin ETF outflows exceeding $3.2 billion, and a large Mt. Gox wallet transfer.
- Traders are watching bitcoin’s $65,000 level as key technical support, with a break lower potentially targeting $60,000 and a hold possibly setting up a short-term rebound.
Ether (ETH) broke below $1,900 to $1,839, marking a 7.9% drop in 24 hours and lifting the second-largest cryptocurrency’s weekly decline to 11.1%. Solana’s SOL fell 9.0% to $73.25, BNB lost 7.8% to $636, slid 8.3% to $0.0921 and Tron’s TRX shed 3.4% to $0.3297, per CoinDesk data.
BTC traded near $66,280 by Wednesday morning after touching the $65,708 24-hour low, with the range stretching $5,200 from the $70,907 high.
Global stocks set fresh all-time highs as the AI trade intensified, with the Philadelphia Semiconductor Index rallying almost 6% to a record on Tuesday and Tokyo Electron and Taiwan Semiconductor Manufacturing both reaching new peaks, Bloomberg reported.
The MSCI All Country World Index set a fresh all-time high on the AI rally that has dominated stocks all year.
