A renewed rout in semiconductor stocks pulled risk assets lower again, and crypto kept sliding. Bitcoin is down 5% on the week, with ether and the memecoins falling harder.
Source: CoinDesk
Bitcoin drops toward $62,000 as the chip selloff deepens for a second day
Bitcoin's value has fallen toward $62,000 as a significant selloff in the semiconductor sector continues for a second consecutive day. The decline in cryptocurrency prices is closely linked to broader market concerns regarding supply chain issues and rising interest rates, which have negatively impacted investor sentiment. Analysts suggest that the ongoing volatility in tech stocks, particularly in the chip industry, is influencing the cryptocurrency market. This downturn raises questions about Bitcoin's resilience amidst external economic pressures, as traders closely monitor any potential recovery signals in both sectors.