Bitcoin Tumbles to $62K Amid Global Market Sell-Off

Bitcoin's price has fallen to around $62,000, down nearly 2% over the past 24 hours. The decline is part of a broader risk-off mood in global markets, with semiconductor and AI stocks experiencing sharp sell-offs.

The pressure on Bitcoin is not exclusive to the crypto market, as renewed profit-taking from Samsung sent Asian markets reeling overnight. The military escalation between the US and Iran also contributed to rising oil prices, which climbed by around 5%.

US stocks opened lower on Wednesday, and the Federal Reserve released minutes from its June meeting, which traders closely watch for clues on potential rate cuts. Markets now price a 73% chance that the Fed will hold rates steady at its next meeting on July 29.