Bitcoin Slides Toward $62,000 as Technology Sector Selloff Drags Down Crypto Markets

Bitcoin fell toward the $62,000 mark on Wednesday as a second consecutive day of intense selling in the global technology sector piled pressure onto risk assets worldwide. The flagship cryptocurrency traded around $62,546, marking a 2.1% decline over 24 hours and a 4.9% drop for the week. The downturn pushed Bitcoin back toward the lower end of the trading range it has maintained throughout the month.

The selling pressure was steep and widespread across the digital asset ecosystem. Ether dropped 3.7% to $1,661, pushing its weekly losses to 7.2%, while XRP fell 2.2% to $1.10, extending its weekly decline to 9.3%. Solana lost 3.3% to trade at $69, and Dogecoin recorded a 9.8% slide over a seven-day period. Hyperliquid’s HYPE token took the heaviest hit, plunging 8.8% on the day and 18.6% on the week to around $61. Bucking the broader market trend, Tron emerged as the strongest performer, managing a 3.7% gain over the week.

The market distress originated from a renewed rout in semiconductor shares, which have otherwise led equities higher this year with triple-digit gains. The Philadelphia Semiconductor Index tumbled 7.9% on Tuesday, with all 30 of its member stocks closing in the red. The drop was led by Micron, Marvell, and On Semiconductor, all of which have more than doubled in value in 2026. This aggressive tech selloff dragged the S&P 500 down by 1.4% and the Nasdaq 100 by 3.3%. An attempted rebound in Asian chip stocks failed to gain traction on Wednesday, with Taiwan Semiconductor declining by more than 3%.

In the broader macroeconomic environment, crude oil continued its downward trajectory as Brent crude slipped roughly 1% toward $76 a barrel. This drop came as tanker traffic through the Strait of Hormuz became increasingly visible following an interim peace agreement between the United States and Iran. Concurrently, a key gauge of the U.S. dollar climbed to a seven-month high as investors sought refuge in safer, traditional assets.