Tech Selloff Sends Bitcoin Price Sliding Toward $63,000

Bitcoin has slipped toward $63,000 in value as a tech selloff has dragged risk assets lower. The pullback from technology and chip stocks that have led markets this year has caught investors off guard. Bitcoin's price fell to around $63,640 on Tuesday, down 0.9% over the past 24 hours and 3.3% on the week.

The decline in Bitcoin's value was not isolated, as other cryptocurrencies also felt the impact of the tech selloff. Ether dropped 0.9% to $1,719, while XRP fell 1.6% to $1.12. Solana and Dogecoin were hit even harder, losing 3.4% and 6.6%, respectively.

The pressure on crypto prices came from outside the market, as a rotation out of high-flying tech stocks sank global equities. The S&P 500 futures fell 0.8% and Nasdaq 100 contracts dropped 1.3%. Brent crude oil edged below $78 a barrel, while gold retreated.