Cryptocurrency Market Plunges as Tech Stocks Sell Off

The cryptocurrency market took a hit on Tuesday as Bitcoin (BTC) fell below $63,000. The token traded at around $62,840, down 1.1% over 24 hours and 3.5% on the week, according to CoinDesk data.

This decline was not limited to Bitcoin alone, with other major cryptocurrencies also posting losses. Ether dropped 0.9% to $1,719, down 3.3% on the week, while XRP fell 1.6% to $1.12, posting a 9% weekly loss. Solana lost 3.4% to reach $71.

The selloff was largely driven by a decline in technology stocks, which pulled risk assets lower across global markets. South Korea's Kospi dropped over 6% as chipmaker stocks sold off globally. The Nasdaq 100 futures fell 2.1%, and S&P 500 futures dropped 1.2%. Brent crude slipped below $78 a barrel, and gold also pulled back.

The key macro events ahead include Micron's earnings on Wednesday, which will be a test of whether the growth story in AI spending still holds. The Federal Reserve's preferred inflation measure, the PCE report, comes out Thursday.