Bitcoin Holds Near $65,000 Despite AI Stock Selloff as Tech Correlation Weakens
Summary
- Bitcoin (BTC) held the $65,000 level despite a selloff in U.S. AI stocks, underscoring its resilience.
- Bitcoin's limited price swings raised the possibility that its correlation with growth technology stocks has weakened somewhat.
- Market analysts said Bitcoin is being driven more by capital inflows, institutional demand and the outlook for macro liquidity.
Bitcoin has remained relatively steady near $65,000 even as artificial intelligence-linked stocks in the U.S. market slump.
Cryptocurrency-focused outlet Odaily reported on July 24 that Bitcoin was holding near the $65,000 mark despite heavy selling in U.S. AI stocks, underscoring its resilience.
The large-cap technology shares known as the Magnificent Seven recently posted their worst one-day performance since April. The decline has sharply damped sentiment across the broader tech sector.
Even so, the latest AI-stock selloff has not meaningfully spilled over into digital assets. Bitcoin has posted only limited price swings, suggesting the correlation between cryptocurrencies and growth technology stocks may have weakened.
Market analysts say Bitcoin is being driven more by inflows within the crypto market, institutional demand and the outlook for macro liquidity than by moves in tech stocks.
With volatility rising across traditional risk assets, markets are watching whether Bitcoin can maintain an independent trading pattern near $65,000.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.