Bitcoin falls under $63,000 as a tech selloff drags risk assets lower
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- Bitcoin dropped below $63,000 to ~$62,840, down 1.1% over 24 hours and 3.5% on the week, as a rotation out of this year's best-performing AI and chip stocks hit risk assets
- South Korea's Kospi plunged 6% and Asian stocks fell 2%+; S&P 500 futures dropped 0.8% and Nasdaq 100 contracts slid 1.3% as rising bond yields pulled megacap tech lower
- Ether fell 0.9% to $1,719, XRP dropped 1.6% to $1.12 (a 9% weekly loss), Solana lost 3.4% to $71; Tron was the sole major gainer at +1.3% on the day
- The Coinbase premium widened to the downside — a sign of tepid US institutional demand — and Strategy's STRC preferred stock briefly dipped below $84, adding an overhang to sentiment
- Micron's Wednesday earnings are the next test; its shares are up 300%+ this year and will read on whether AI spending can sustain the rally
- Bitfire flagged three macro catalysts ahead: the June US jobs report (July 2), the CPI (July 14), and the start of Q2 corporate earnings in mid-to-late July
- A clean break below the $59,000–$60,000 support floor from earlier this month would signal the sell-off has entered a new phase
Why it matters: Bitcoin is now tethered to the AI-tech trade driving equities to records rather than geopolitical headlines, meaning chip-stock volatility sets the tone for crypto. The negative Coinbase premium and pressure on Strategy's preferred stock show US institutional conviction is thinning, and a break of $59K–$60K would mark a new phase in June's range.
