Bitcoin price dips fast as crypto market joins Big Tech in market dive
Bitcoin’s price dipped hard on Thursday to a low of $83,757 as the crypto market experienced a sell-off sparked by investor fears around AI spending.
The biggest and oldest cryptocurrency was recently priced slightly higher at $83,788 after dropping over 6% over a 24-hour period, according to CoinGecko. Over the past week, it has dropped by 6% and is down year-to-date.
Ethereum also took a hit and was trading for nearly $2,792 — a 24-hour dip of more than 7%. While other major coins and tokens such as XRP and Solana also experienced similar daily drops.
The crypto sell-off came as big tech stocks dipped on news that Microsoft earnings showed the software giant had reported record spending. Investors are worried that AI expenditure is too big and results are taking too long to bear fruit.
“Regardless of the fact that many in the Bitcoin space see Bitcoin as the world’s hardest money and stack Bitcoin regardless of price, the vast majority of the market still sees Bitcoin as a tech trade,” Timot Lamarre, director of market research at Unchained, said.
Bitcoin and the wider crypto market has in the past moved along with US equities — particularly tech stocks.