A significant shift away from leading AI and chip stocks has negatively impacted Asian markets, particularly with South Korea's Kospi dropping 6%, and cryptocurrency prices have mirrored this trend. Bitcoin has seen a decline of over 3% this week.
By Shaurya Malwa Jun 23, 2026, 5:24 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Bitcoin is trending towards $63,000 as a result of a broader market pullback influenced by a sell-off of technology and chip stocks.
- The cryptocurrency market is increasingly influenced by the same AI-driven tech trends affecting equities, with upcoming earnings from Micron and essential U.S. economic reports seen as critical indicators for risk sentiment.
- Weak demand from U.S. institutions, indicated by a widening negative Coinbase premium and issues surrounding Strategy’s STRC preferred stock, is exerting downward pressure on bitcoin, which may face further selling if it falls below the $59,000 to $60,000 support level.
Bitcoin's value is nearing $63,000 as it experiences a broader decline alongside a retreat from riskier assets, particularly in the tech sector.
The cryptocurrency was trading at approximately $63,640, down 0.9% in the last 24 hours and 3.3% for the week, according to CoinDesk data, following a peak of around $65,076 on Monday. The sell-off was widespread across the market. Ethereum dropped 0.9% to $1,719 and is also down 3.3% for the week, while XRP fell 1.6% to $1.12, marking a 9% weekly decline. Solana decreased by 3.4% to $71, and Dogecoin slid 6.6% over the last week.
Tron was an exception, gaining 1.3% on the day and 4.6% for the week. Hyperliquid's HYPE, however, fell by 4.8% over the week.
This downturn was influenced by factors outside of crypto. A shift away from this year's leading technology and chip stocks led to a drop in global equities, with Asian stock indices falling over 2% following a record close, and South Korea's Kospi plummeting more than 6% due to concerns that the chipmaker rally might be overextended.
S&P 500 futures fell by 0.8%, and Nasdaq 100 contracts dropped 1.3%, following declines in major tech stocks and rising bond yields, which contributed to a downturn in U.S. stocks on Monday. Brent crude oil dipped below $78 a barrel, and gold prices also retreated.
This shift highlights a change in the factors influencing cryptocurrency. Previously, bitcoin's movements were closely tied to developments in the Iran situation. Now, with a peace plan established and oil prices declining, the primary driver appears to be the same AI-focused tech trade that has propelled equities to record highs, causing crypto to also decline as this trend falters.
The next significant event to watch is the earnings report from Micron, a memory chip manufacturer, which is scheduled for Wednesday. This report will provide insight into whether spending on AI can continue to support the surge that has seen its stock increase by over 300% this year.
In addition, Bitfire Group Holdings, a digital asset financial services firm based in Hong Kong, pointed out three macroeconomic factors to monitor in the coming weeks in a communication to CoinDesk: the U.S. jobs report on July 2, which will test the strength of job growth; the consumer price index on July 14, which serves as the primary inflation indicator; and the commencement of second-quarter corporate earnings in mid-to-late July, starting with banks and progressing to major AI companies whose future guidance will influence the global risk landscape.
Bitfire also highlighted two warning signs specific to the cryptocurrency market.
The Coinbase premium, which reflects the difference between bitcoin's price on the U.S. exchange Coinbase and other platforms, has widened negatively, indicating that institutional demand from the U.S. remains weak.
Additionally, Strategy's STRC preferred stock, which has been reported to have reached record lows, has continued to decline, briefly dropping below $84. Bitfire indicated that while there is no immediate risk of a crisis, the uncertainty surrounding potential sales from Strategy is a genuine concern that is dampening market sentiment.
For bitcoin, the critical level to observe is the same that has characterized June. It is nearing the bottom of its trading range, and a decisive break below the $59,000 to $60,000 support level observed earlier this month could indicate the onset of a new phase of selling.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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