The crypto market fell on Friday with bitcoin recovering from a dip below $63,000 to trade down 1.2% since midnight UTC and ether (ETH) lost 1.74%. The total crypto market cap fell by 1.86% to $2.16 trillion.
The sale is not isolated to crypto. Nasdaq 100 index futures fell 1.91% and S&P 500 futures fell 0.96%, pointing to macro forces driving the move rather than anything crypto-specific. Japan’s Nikkei 225 index fell 4%, while South Korea’s Kospi exchange was closed for Constitution Day.
In a classic risk-off rotation, the dollar index (DXY) rose to 100.75, while gold rose 0.61% to crawl back above $4,000.
The move to the downside can be attributed to a sell-off in technology stocks across North America and Asia, as well as rising tensions in the Middle East.
“The market ends the week with two bruises: AI fatigue and Hormuz heat,” said Patrick Munnelly at Tickmill Group. “Semiconductor sales have shifted from profit-taking to position clearing, pulling Asia towards its worst levels in months.”
