Daily Market Update: Bitcoin Slides Below $63K and Stocks Tank — Is the AI Trade Running Out of Steam?

TLDR

• Bitcoin fell to $62,840, down 1.1% in 24 hours and 3.5% on the week
• Ether, XRP, Solana, and Dogecoin all posted losses; Tron was a rare gainer
• South Korea’s Kospi dropped over 6% as chipmaker stocks sold off globally
• Nasdaq 100 futures fell 2.1%; S&P 500 futures dropped 1.2%
• Key macro events ahead: Micron earnings Wednesday, US jobs report July 2, CPI July 14

Bitcoin dropped below $63,000 on Tuesday as a selloff in technology stocks pulled risk assets lower across global markets.

The token traded around $62,840, down 1.1% over 24 hours, according to CoinDesk data. It had touched $65,076 on Monday before sliding through the session.

The losses spread across crypto markets. Ether fell 0.9% to $1,719, down 3.3% on the week. XRP dropped 1.6% to $1.12, posting a 9% weekly loss. Solana lost 3.4% to reach $71, and Dogecoin slid 6.6% over seven days.

Tron was a rare bright spot, up 1.3% on the day and 4.6% on the week. Hyperliquid’s HYPE fell 4.8% on the week.

Tech Stocks Lead the Decline

The pressure on crypto came from stock markets. Investors rotated out of top-performing technology and chip shares, sending Asian equities lower. South Korea’s Kospi fell more than 6% on fears the rally in chipmakers had gone too far.

S&P 500 futures dropped 1.2% and Nasdaq 100 futures fell 2.1%. SpaceX stock slid for the third straight day. Rising bond yields also weighed on US equities on Monday.

Brent crude slipped below $78 a barrel and gold pulled back as well.

For weeks, Bitcoin had been moving based on developments in US-Iran talks. Now that a peace roadmap is in place and oil prices are easing, the bigger driver appears to be the AI-linked tech trade.

What to Watch This Week

Micron’s earnings on Wednesday will be a key test. The memory chipmaker’s shares have risen more than 300% this year on AI spending. Its results will show whether that growth story still holds.

FedEx and Cerebras Systems also report on Tuesday. It will be Cerebras’ first earnings since going public in May.

The Federal Reserve’s preferred inflation measure, the PCE report, comes out Thursday.

Digital asset firm Bitfire Group flagged further macro events on the horizon. The US jobs report lands July 2, the Consumer Price Index follows July 14, and second-quarter corporate earnings begin in mid-to-late July.

Bitfire also pointed to two warning signs in crypto. The Coinbase premium has flipped negative, suggesting US institutional demand for Bitcoin is weak. Strategy’s STRC preferred stock has also slid further, briefly dipping below $84, which Bitfire says is keeping a lid on sentiment.

For Bitcoin, the key level to watch is $59,000 to $60,000. A break below that floor would signal the selloff has moved into a new phase.

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