Bitcoin dropped toward $62,000 on Wednesday as a deepening selloff in semiconductor stocks dragged risk assets lower for a second day. The world's largest cryptocurrency is now down 5% on the week. Ether and memecoins fell even harder.
Bitcoin hits fresh weekly low
The price briefly dipped below $62,000 before paring some losses. It's the lowest level for bitcoin since the start of the month. The selloff accelerated in afternoon trading as tech stocks extended their decline.
Ether, memecoins get hit harder
Ether dropped more than 7% on the day, underperforming bitcoin. Memecoins like Dogecoin and Shiba Inu suffered double-digit percentage losses. The pattern matches what happens when risk appetite evaporates: the riskier corners of crypto get hammered first.
A tech-led rout spooks crypto
The trigger this week isn't crypto-specific. A renewed battering of semiconductor stocks — the same names that powered much of the 2025 rally — is fueling a broader rotation out of risk. Bitcoin has been trading in lockstep with tech equities for months, and Wednesday was no exception.
The selloff shows no signs of letting up as of Wednesday afternoon. Traders are watching for any stabilization in semiconductor stocks before betting on a crypto rebound.
