Bitcoin Plummets Below $63,000 as Tech Stocks Decline Globally

The price of Bitcoin (BTC) plummeted below $63,000 on Tuesday as technology stocks declined globally. This led to a selloff in risk assets across crypto markets, with Ethereum (ETH), XRP, Solana (SOL), and Dogecoin posting losses. However, Tron managed to rise 1.3% on the day and 4.6% on the week.

South Korea's Kospi dropped over 6% as chipmaker stocks sold off globally, wiping out $426 billion from Asian markets. The Nasdaq 100 futures fell 2.1%, while S&P 500 futures dropped 1.2%. Brent crude slipped below $78 a barrel and gold pulled back.

The bigger driver behind the decline in Bitcoin appears to be the AI-linked tech trade, rather than developments in US-Iran talks. Micron's earnings on Wednesday will be a key test of whether the growth story still holds for the memory chipmaker's shares, which have risen over 300% this year.