
Bitcoin dropped 7.5% in Asian trading amid steep declines in Asia and U.S. tech stocks, highlighting its high-beta risk asset profile in volatile macro conditions.
Bitcoin fell as much as 7.5% in Asian trading Thursday, slipping to around $70,700 before recovering slightly, as a global sell-off in technology stocks spread to crypto markets. The drop came alongside sharp declines in Asian equities, driven by concerns over peaking AI investment, stretched valuations, and slowing earnings. MSCI’s Asia tech index fell for the fifth time in six sessions, led by South Korea’s Kospi down 4%, following similar weakness in the Nasdaq from disappointing results at Alphabet, Qualcomm, and Arm. Bitcoin’s decline was compounded by heavy losses in commodities, with silver plunging up to 17% and gold falling more than 3%, triggering liquidations in tokenized metals on crypto exchanges.