Bitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14%
Bitcoin fell to $62,715, down 1.9% on the day and 14.5% on the week, as the AI-led risk rally cooled. Ether dropped 4.8% to $1,696 and Solana slid 5.4% to $66.51, with weekly losses above 15% and 18% respectively. The selloff started in equities after Broadcom’s weak AI-chip outlook, which hit semiconductor stocks and pressured the Nasdaq 100, South Korea’s KOSPI, and broader Asia markets. Currency stress also deepened, with the Korean won and Indonesian rupiah weakening sharply. Crypto weakness was reinforced by 13 straight sessions of outflows from U.S. spot bitcoin ETFs, totaling about $4.4 billion, plus Strategy’s first disclosed bitcoin sale since 2022. Attention now turns to U.S. payrolls; a soft report could revive rate-cut hopes and support risk assets, while a strong report could extend the decline.
