BTC experienced a 6.4% decline, reaching a low of $65,708 in Asian trading on Wednesday, shortly after the MSCI All Country World Index reached a new all-time high, driven by the AI surge.
By Shaurya Malwa Jun 3, 2026, 4:28 a.m. 2 min readMake preferred onKey Highlights:
- Leading cryptocurrencies suffered losses despite global stock markets achieving new highs, with bitcoin down 12.3% for the week and ether declining 11.1%.
- This downturn followed several negative developments in the crypto space, including MicroStrategy’s first public bitcoin sale, significant outflows from spot bitcoin ETFs exceeding $3.2 billion, and a large transfer from a Mt. Gox wallet.
- Traders are closely monitoring the $65,000 mark for bitcoin as a crucial support level, with a drop below this point potentially targeting $60,000, while maintaining this level could lead to a short-term recovery.
The ongoing sell-off in the cryptocurrency market is intensifying as stock markets continue their upward trend.
Bitcoin BTC$66,347.90 fell to a low of $65,708 during the Asian trading session on Wednesday, marking a 6.4% decrease over the past 24 hours and a 12.3% drop over the week, amidst a broader sell-off in the crypto market against a backdrop of robust global equity performance.
Ether (ETH) dropped below $1,900, reaching $1,839, reflecting a 7.9% decline in 24 hours and bringing its weekly drop to 11.1%. Other cryptocurrencies also faced declines, with Solana's SOL down 9.0% to $73.25, BNB falling 7.8% to $636, DOGE$0.09222 sliding 8.3% to $0.0921, and Tron's TRX down 3.4% to $0.3297, according to CoinDesk data.
By Wednesday morning, BTC was trading around $66,280 after hitting the $65,708 low, showing a range of $5,200 from the peak of $70,907.
Global stock markets reached new all-time highs as interest in AI investments surged, with the Philadelphia Semiconductor Index climbing nearly 6% to a record on Tuesday, while firms like Tokyo Electron and Taiwan Semiconductor Manufacturing achieved new highs, as reported by Bloomberg.
The MSCI All Country World Index also set a new all-time high, driven by the AI investment trend that has characterized the stock market this year.
Additionally, SpaceX was reported to be targeting $135 per share for its $75 billion initial public offering, while S&P 500 and Nasdaq 100 futures remained stable near their record highs. South Korean markets were closed due to a holiday.
The cryptocurrency sell-off has compounded a week filled with negative news, including MicroStrategy's (MSTR) first publicized bitcoin sale on Monday, ongoing record outflows from spot bitcoin ETFs exceeding $3.2 billion, a $739 million transfer from Mt. Gox to a new wallet on Tuesday, and stalled ceasefire negotiations between the U.S. and Iran that have contributed to rising Brent crude prices for a third consecutive day amid escalating Middle Eastern conflicts.
Despite the downturn, Hyperliquid's HYPE remained the only positive performer among the top 10 cryptocurrencies by market capitalization, showing a 19.9% weekly increase at $71.98, although it faced a 3.1% decline in the last 24 hours.
Bitcoin's $65,000 level serves as an immediate technical benchmark. A breach below this level could lead to a focus on $60,000, while maintaining this level might open the door for a price recovery as overleveraged positions are cleared.
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