Bitcoin slid toward $63,000 on Tuesday, dragged down by a broad selloff in tech stocks that slammed Asian markets. The rotation out of AI and chip names sent South Korea's Kospi down 6%, and crypto followed the broader risk-asset decline. Bitcoin is now down more than 3% on the week.
Tech rotation hits Asia
The selloff started in U.S. tech names late Monday and accelerated overnight in Asia. Investors dumped semiconductor and AI stocks, punishing markets that had ridden the rally hardest — Seoul and Taipei especially. The Kospi's 6% drop was its worst single-day loss this year. Crypto, increasingly correlated with high-growth equities, couldn't escape the downdraft.
Bitcoin's weekly slide
Bitcoin has shed more than 3% since Monday's open, reversing gains from late last week. The move below $63,000 briefly touched levels not seen since early June. Trading volumes picked up, but the selling was orderly — no flash crash or exchange outage. Still, the timing isn't great for a market that had been struggling to hold $65,000 as support.
Broader risk-off mood
The pullback wasn't limited to crypto. Gold also dipped, and bond yields edged higher as cash rotated into defensive sectors. The message from markets Tuesday: investors are spooked by the speed of the tech rally and are trimming positions ahead of key central bank meetings later this week. For crypto, the message is that the correlation with equities isn't going away.
With no clear catalyst for a rebound, traders are watching whether the tech rout extends into U.S. trading hours. If it does, Bitcoin could test the $62,000 level — a zone that held during the May shakeout. For now, the market waits.
