Leading cryptocurrencies cracked alongside stocks on Tuesday, June 23, after a sharp decline in chip-related stocks cast doubts on the sustainability of the AI rally.

Leading cryptocurrencies moved sideways on Sunday evening, while stock futures fell as President Donald Trump's latest threats weighed on peace negotiations with Iran.

Leading cryptocurrencies extended losses on a volatile Monday, June 2022, despite the U.S. and Iran signing key agreements as part of a peace deal.

A rotation out of this year's best AI and chip stocks sank Asian markets, with South Korea's Kospi down 6%, and crypto fell with them. Bitcoin is down more than 3% on the week.

Bitcoin lost 2.5% to $62,300 and ether fell over 4% to $1,650, while $717 million in liquidations amplified losses across altcoins.

Bitcoin slipped to $62,000 as a stronger U.S. dollar and broader risk-off sentiment pressured crypto markets ahead of key inflation data.

Leading cryptocurrencies cracked alongside stocks on Tuesday, June 23, after a sharp decline in chip-related stocks cast doubts on the sustainability of the AI rally.