Bitcoin slips toward $63,000 as a tech selloff drags risk assets lower
A rotation out of this year’s best AI and chip stocks sank Asian markets, with South Korea’s Kospi down 6%, and crypto fell with them. Bitcoin is down more than 3% on the week.
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Summary
- Bitcoin slipped toward $63,000 amid a broader pullback from risk assets, tracking a sell-off in high-flying technology and chip stocks.
- Crypto prices are increasingly being driven by the same AI-focused tech trade steering equities, with upcoming Micron earnings and key U.S. economic data seen as major tests for risk sentiment.
- Weak U.S. institutional demand, reflected in a negative Coinbase premium and pressure around Strategy’s STRC preferred stock, is weighing on bitcoin, which could enter a new phase of selling if it breaks below the $59,000 to $60,000 support range.
