The tech sector just had one of its worst days of the year, and crypto ate the shrapnel. The Nasdaq dropped 2% in a single session while the semiconductor index cratered nearly 8%, dragging Bitcoin down to $58K before it clawed back to around $60K.
The catalyst? Wall Street is finally asking AI companies a very simple question: where are the profits? Companies that poured billions into artificial intelligence infrastructure without showing meaningful returns are getting punished. And in a market where crypto has increasingly traded like a leveraged tech bet, the contagion was immediate.
The damage across crypto
Bitcoin touched $58K during the worst of the selling before stabilizing. It last traded near $60K, which still represents a 5.8% decline over the past seven days, according to CoinGecko data.
Ethereum fared worse on a relative basis, slipping below $1,600 with a 0.6% decline over 24 hours on top of its weekly losses.
