(June 23): Bitcoin fell to an almost two-week low as a selloff in tech stocks hit risk assets.
The original cryptocurrency fell as much as 3.9% to US$61,877, its lowest level since June 11. It pared some losses to trade around US$62,223 in the early morning in New York. Other tokens declined as well, with Ether down as much as 5.6%. Solana and XRP fell as much as 6.4% and 3.3%, respectively.
Bitcoin’s decline mirrors the drop in technology stocks that started Monday in the US, as concerns over artificial intelligence firms’ massive spending re-emerged. The bleak mood is hitting companies like Elon Musk’s SpaceX, fresh off its record-setting initial public offering earlier this month. Nasdaq 100 futures fell about 2.8% Tuesday.
Bitcoin briefly fell below US$60,000 in early June before recovering, although the token has spent most of the month trading below US$65,000. US-listed spot Bitcoin exchange-traded funds have seen US$2.4 billion in outflows so far in June, data compiled by Bloomberg show.
Uploaded by Arion Yeow
