The crypto market fell on Friday, with bitcoin recovering from a drop below $63,000 to trade down 1.2% since midnight UTC and ether (ETH) lost 1.74%. The total crypto market capitalization fell 1.86% to $2.16 trillion.
The sell-off is not limited to cryptocurrencies. 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 stock exchange was closed for Constitution Day.
In a classic risk-off rotation, the Dollar Index (DXY) rose to 100.75, while gold advanced 0.61% to climb back above $4,000.
The downward move can be attributed to a sell-off in technology stocks in North America and Asia, as well as rising tensions in the Middle East.
“The market is ending the week with two bruises: AI fatigue and Hormuz heat,” said Patrick Munnelly of Tickmill Group. “The semiconductor sell-off has shifted from profit-taking to position liquidation, dragging Asia to its worst levels in months.”
