Bitcoin slid below $63,000 on Tuesday, caught in a wave of selling that began with a sharp stock-market correction in Asia and quickly crossed the Pacific. The trigger: a rout in chip-sector shares that rattled investors from Tokyo to Seoul and then hit the U.S. at the Wall Street open. The move erased gains from earlier in the month and pushed the largest cryptocurrency to its lowest level in three weeks.
Asia's chip stocks lead the sell-off
The trouble started overnight in Asia, where semiconductor stocks took a beating. Japan's Nikkei fell more than 3%, with chip-equipment makers like Tokyo Electron dropping sharply. South Korea's Kospi also slumped, dragged by Samsung Electronics and SK Hynix. The sell-off was broad, but the chip sector was the clear epicenter — and given how tightly correlated crypto has been with tech equities this year, it didn't take long for Bitcoin to feel the heat.
Contagion crosses the Pacific
By the time U.S. markets opened, the selling had spread. The Nasdaq Composite opened lower, and Bitcoin followed suit, sliding from around $65,000 to below $63,000 in a matter of hours. The move wasn't a flash crash — it was a steady grind lower as traders unwound positions across both stocks and crypto. Ether and other major altcoins also fell, though Bitcoin's drop was the most pronounced.
The immediate question is whether this is a one-day shakeout or the start of a deeper pullback. The correlation between Bitcoin and the Nasdaq has been unusually tight in 2026, meaning any further weakness in tech stocks could keep pressure on crypto. For now, traders are watching the $62,000 level — a break below that could open the door to a test of $60,000. No major U.S. economic data is due until later this week, so the market's direction may hinge on how Asian markets trade overnight.
