Bitcoin Slides to $60K as AI Boom Pulls Capital Away from Crypto

South Korea’s leading memory chip maker announced plans on Wednesday to raise close to $30 billion through a U.S. share sale.

Bitcoin slipped back toward the $60,000 level on Wednesday, marking its second drop to that range this month and extending its weak performance despite broader gains in risk assets.

Gold and oil also remained under pressure, with both falling below key psychological levels—gold under $4,000 per ounce and oil beneath $70 per barrel.

The pullback across crypto, commodities and energy came as technology stocks bounced back from Tuesday’s mild decline, with the AI-driven rally continuing to attract investor attention and capital.

In a notable move, SK Hynix filed for a nearly $30 billion U.S. listing, potentially marking the largest overseas capital raise since Saudi Aramco’s record $26 billion offering in 2019.

By midday Wednesday, the Nasdaq had gained 0.8%, while bitcoin was down 3.2%, highlighting the divergence between equities and crypto.

Some investors are beginning to question bitcoin’s narrative. Billionaire hedge fund manager Philippe Laffont said he has grown more cautious on the asset, noting that investors now have a broader set of opportunities than in the past.

“I’m not sure how to view bitcoin anymore,” he said, adding that companies like SpaceX and emerging AI firms present clearer long-term growth stories, while the rise of stablecoins has reduced bitcoin’s distinct appeal as an alternative financial asset.