Bitcoin hits two-week low as tech selloff sparks risk-off mood

Bitcoin fell to an almost two-week low as a selloff in tech stocks hit risk assets.

The original cryptocurrency fell as much as 3.9% to $61 877, its lowest level since June 11. It pared some losses to trade around $62 400 at 10 a.m. in London. Other tokens declined as well, with Ether down as much as 5.6%. Solana and XRP fell as much as 6.4% and 3.3%, respectively.

Bitcoin’s decline mirrors the drop in technology stocks that started Monday in the US, as concerns over artificial intelligence firms’ massive spending re-emerged. The bleak mood is hitting companies like Elon Musk’s SpaceX, fresh off its record-setting initial public offering earlier this month. Nasdaq 100 futures fell about 2.5% Tuesday.

Bitcoin briefly fell below $60 000 in early June before recovering, although the token has spent most of the month trading below $65 000. US-listed spot Bitcoin exchange-traded funds have seen $2.4 billion in outflows so far in June, data compiled by Bloomberg show.

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