Bitcoin dipped to near $62,000 on Friday, caught in the downdraft from a broad tech selloff that started with Broadcom's disappointing AI chip forecast. The leading crypto's decline mirrored a third consecutive losing session for the Nasdaq as traders unwound AI-related bets across equities and digital assets.
Broadcom rattles the AI trade
Broadcom's outlook missed analyst estimates this week, sending its shares lower and pouring cold water on the AI chip euphoria that had lifted the entire tech sector. The Nasdaq fell again Friday, compounding a three-day slide. Crypto markets, increasingly correlated with high-growth tech names, followed suit. Bitcoin shed about 3% from Thursday's level, hitting intraday lows around $62,000 before a small bounce.
Asia takes the hit
The selling spread overnight. Asian equity markets opened lower Friday as the Nasdaq's weakness fed through. Japan's Nikkei and South Korea's Kospi both lost ground, with chip-heavy indices bearing the brunt. The region's crypto trading desks reported heavier-than-usual selling, particularly on Korean exchanges where retail traders often lead momentum moves.
HYPE token gets hammered
Among altcoins, the HYPE token — or stock, depending on the listing — took a 14% hit. The drop came without any project-specific bad news, suggesting it was pure contagion from the broader risk-off mood. HYPE had rallied hard earlier in the year alongside AI-themed tokens, so the unwind here was especially sharp.
The question now is whether the tech rout has more room to run. Broadcom's report is only one data point, but it broke the AI rally's momentum. If the Nasdaq extends its fall into next week, bitcoin could test the $60,000 level — a psychological floor that held during May's selloff. For now, traders are watching Monday's open in Asia for the next clue.
