Bitcoin Pinned Below $62,000 as Tech Stocks Continue Selloff

Bitcoin's price slid to around $62,546 on Wednesday, down 2.1% over 24 hours and 4.9% on the week, according to CoinDesk data.

The token was under pressure from a second day of heavy selling in technology stocks, which saw the Philadelphia Semiconductor Index drop 7.9%, led by Micron, Marvell, and On Semiconductor, each of which more than doubled in value this year.

Oil prices also continued to fall, with Brent crude slipping about 1% toward $76 a barrel, as tanker traffic through the Strait of Hormuz became more visible following the US-Iran interim peace deal.

Mike McCluskey, co-founder of tx, noted that bitcoin's stabilization in the low-to-mid $60,000s is a measured response to the Federal Reserve's hawkish turn, given how hard such shifts usually hit digital assets.