Bitcoin Slides Below $71,000 as Global Tech Selloff Weighs on Crypto Markets

Bitcoin prices dropped sharply during Asian trading hours on Thursday, slipping below the $71,000 level as a renewed selloff in global technology stocks spilled into the cryptocurrency market. The decline dampened hopes for a sustained rebound following last week’s heightened volatility and underscored bitcoin’s growing sensitivity to broader risk-off moves in traditional markets.

According to CoinDesk data, the world’s largest cryptocurrency fell as much as 7.5% over the past 24 hours, briefly touching lows near $70,700 before recovering some losses. The downturn mirrored weakness across Asian equity markets, where investors pulled back from risk assets amid concerns over artificial intelligence spending, stretched valuations, and slowing earnings momentum.

Asian technology stocks led the selloff, with MSCI’s Asia tech index falling for a fifth time in six sessions. South Korea’s Kospi dropped around 4%, pressured by sharp declines in AI-linked heavyweights. The weakness followed losses in U.S. markets, where the Nasdaq slid after underwhelming earnings reports from major technology firms including Alphabet, Qualcomm, and Arm. Those results reinforced fears that the pace of AI investment growth may be slowing faster than markets had anticipated.

Bitcoin has increasingly behaved like a high-beta risk asset during equity-driven drawdowns, especially during periods of thin liquidity and elevated macroeconomic uncertainty. This dynamic was evident earlier in the week, when bitcoin whipsawed between $73,000 and $76,000, signaling fragile investor conviction rather than a clear trend reversal.

Adding to the pressure, sharp moves in commodities amplified risk aversion across markets. Silver prices plunged as much as 17%, while gold fell over 3%, extending a steep unwind that has already triggered significant liquidations in tokenized metals products on crypto trading platforms.

As global markets remain on edge, bitcoin’s near-term price action is likely to stay closely tied to movements in equities, commodities, and broader macroeconomic sentiment, highlighting the cryptocurrency’s evolving role within the global risk asset landscape.