Bitcoin falls 3% on the week amid tech selloff
Bitcoin slipped toward $63,000 as a tech selloff dragged risk assets lower. The token traded around $63,640, down 0.9% over 24 hours and 3.3% on the week.
The selling was marketwide, with Ether falling 0.9% to $1,719 and XRP dropping 1.6% to $1.12. Weak US institutional demand is weighing on bitcoin, which could enter a new phase of selling if it breaks below the $59,000 to $60,000 support range.
The pressure came from outside the crypto market, with a rotation out of this year’s best AI and chip stocks sinking Asian markets. South Korea’s Kospi was down 6%, and crypto fell with them.