Bitcoin Slumps Below $63K as Tech Stocks Plummet

Bitcoin's price dropped below $63,000 on June 23 as investors sold off high-flying tech and chip stocks. The token traded at around $62,840, down 1.1% over 24 hours and 3.5% for the week.

The selling spread across most of the crypto market. Ethereum fell 0.9% to $1,719 and is down 3.3% on the week. XRP dropped 1.6% to $1.12 for a 9% weekly loss.

Analysts pointed to a shift in what's driving crypto prices. For weeks, Bitcoin moved with each update on the Iran peace talks. Now that a peace roadmap is in place and oil prices are falling, AI-driven trade has become the main force behind crypto's moves, and crypto is falling as that trade wobbles.

Bitfire Group Holdings flagged three macro events over the next four weeks: the June jobs report due July 2, the Consumer Price Index due July 14, and the start of second-quarter corporate earnings in mid- to late July. The firm also warned about weaker buying from American institutions and concern about whether Strategy might need to sell holdings.