Bitcoin fell to the $60,000 area on Wednesday for the second time this month, continuing its poor price action in the face of risk-market rallying elsewhere.
Gold and oil also continued to lose ground, each falling below key levels – gold $4,000 per ounce and oil $70 per barrel.
Read more: Gold, silver and bitcoin tumble as ‘degradation’ trade unwinds
The declines in crypto, precious metals and oil came as tech stocks rallied after Tuesday’s modest one-day decline, as AI trading continued to attract investor interest and dollars.
South Korean memory chip giant SK Hynix filed on Wednesday to raise nearly $30 billion in a U.S. stock offering, in what would be the overseas company’s biggest capital raise since Saudi Aramco’s massive $26 billion sale in 2019.
By noon Wednesday, the Nasdaq was up 0.8% against bitcoin’s 3.2% decline.
Bitcoin has lost the plot
Billionaire hedge fund manager Philippe Laffont succinctly summed up investor sentiment on Tuesday, telling CNBC that he has become “a little bit more worried” about bitcoin’s future, arguing that investors now have a wider range of options to choose from than in years past.
