Bitcoin fell to around $62,800 on Monday, down 1.4% in 24 hours, after falling from around $64,300 in Asian morning hours, per CoinDesk data.
Nothing new drove it. Bitcoin has been trading between around $59,000 and $66,000 for a month, and the decline in Asian sessions was a leveraged flush within that range. Liquidations were smaller, running at about a sixth of what the market recorded at its worst over the past 30 days, per CoinGlass.
SK Hynix fell in Seoul on the same day, but for its own reasons. The memory chipmaker’s shares fell after its US trading debut, with traders pointing to profit-taking and a shift to the new US Treasury bills. The stock is down more than 30% from its June high after a run that saw it rise more than 25 times since the end of 2022.
The two moves are not directly connected today, but they have shared a direction for weeks.
Bitcoin has traded as the cryptoasset with the highest beta risk, while AI and chip trading set the tone for global risk appetite, and analysts at Anchorage Digital attribute about 30% of the pressure on bitcoin to capital rotating to AI.
The June inflation print lands on July 14, and the Fed meets on July 28 and 29, the two events that will most likely determine whether risk assets, crypto and chip stocks, get relief or another leg down.
