The crypto market lost $24 billion in value today, with Bitcoin falling below $64,000 for the first time in weeks. The decline was tied to a rout in semiconductor stocks that sapped risk appetite across global markets.
Semiconductor rout spills into crypto
Major chipmakers took a hit during the trading session, dragging down equity indices and triggering a wave of risk-off positioning. Crypto, which has increasingly moved in tandem with tech stocks over the past year, wasn't spared. The correlation between Bitcoin and the Nasdaq 100 has been elevated since early 2026, and today's move reinforced that link.
The selloff in semiconductors appeared to stem from a combination of factors: weaker-than-expected earnings guidance from a key supplier, renewed trade tensions, and a broader reassessment of AI-related spending. While none of these directly involve crypto, traders said the macro mood shift was enough to prompt a wave of deleveraging.
Bitcoin below $64,000
Bitcoin dropped to around $63,800 at its lowest, according to data from CoinGecko. That's a decline of roughly 4% on the day. The broader crypto market fared worse, with altcoins like Ethereum and Solana posting steeper losses. The total market cap fell from roughly $2.3 trillion to $2.28 trillion — a $24 billion swing.
The move liquidated leveraged positions across derivatives exchanges. Data from Coinglass showed over $300 million in long positions were wiped out in the past 24 hours, with Bitcoin and Ethereum accounting for the bulk of the losses.
The semiconductor rout isn't over yet. Futures on chip stocks are pointing lower for tomorrow's session, suggesting the selloff could extend. If that happens, crypto is likely to face continued pressure. The key question for traders is whether the macro backdrop will improve or if this is the start of a broader correction.
For now, Bitcoin is testing support near $63,500. A break below that level could open the door to $60,000. On the upside, resistance sits around $66,000. But with no clear catalyst to reverse the mood, the market remains in wait-and-see mode.
The next major data point comes Friday with the release of the Personal Consumption Expenditures (PCE) price index, which could shift rate expectations and either calm or amplify the risk-off tone.
