Bitcoin slid below $71,000 during Asian trading on Thursday as a renewed selloff in global technology stocks spilled into crypto markets, denting hopes for a sustained rebound after last week’s volatility.
The world’s largest cryptocurrency fell as much as 7.5% over the past 24 hours, hitting lows near $70,700 before paring some losses, according to CoinDesk data.
The move followed sharp declines in Asian equities, where growing concerns over peaking AI investment, stretched valuations, and slowing earnings momentum have pushed investors further away from risk assets.
MSCI’s Asia tech index fell for a fifth time in six sessions, led by heavy losses in South Korea’s Kospi, which dropped around 4% as AI-linked heavyweights came under pressure.
The weakness followed a slide in U.S. markets, where the Nasdaq declined after disappointing earnings from companies including Alphabet, Qualcomm, and Arm reinforced fears that AI spending may be topping out sooner than expected.
Bitcoin has increasingly traded like a high-beta risk asset during equity-led drawdowns, particularly when liquidity is thin and macro uncertainty rises.
The latest drop follows a volatile move earlier this week, when bitcoin briefly slid toward $73,000 before rebounding above $76,000—a move some traders viewed as fragile positioning rather than a clear trend reversal.
“Bitcoin’s break below the low-$70,000s has accelerated a broader deleveraging, flushing out crowded positions built during the post-ETF rally,” said Wenny Cai, COO of Synfutures, in a Telegram message. “Liquidations have been heavy, sentiment has shifted risk-off, and price action is now being driven more by balance-sheet mechanics than narrative.”
“This doesn’t mark the end of institutional participation, but it does signal the end of complacency,” Cai added.
Pressure was compounded by sharp moves in commodities. Silver plunged as much as 17%, while gold fell more than 3%, extending a brutal unwind that has already triggered heavy liquidations in tokenized metals products across crypto trading venues.
About The Author
More Stories
Bitcoin slips below $70,000 as crypto selloff intensifies ahead of the U.S. equity open.
Bitcoin rebounds above $71,000 as tech stock selloff eases.
Bhutan shifts bitcoin to trading firms and exchanges as BTC slides toward $70,000.