Bitcoin fell to around $62,800 on Monday, down 1.4% in 24 hours, after falling from around $64,300 during Asian morning hours, according to data from CoinDesk.
Nothing new prompted him. Bitcoin has traded between about $59,000 and $66,000 for a month, and the drop in the Asian session was an increase in leverage within that range. Liquidations were smaller, about one-sixth of what the market saw at its worst in the past 30 days, according to CoinGlass.
SK Hynix fell in Seoul on the same day, but for its own reasons. Shares of the memory chip maker fell after its U.S. trading debut, with traders signaling profit-taking and a shift toward new American depositary receipts. The stock is down more than 30% from its June record after a run that saw it grow more than 25-fold since the end of 2022.
The two movements are not directly linked today, but have shared a direction for weeks.
Bitcoin has been trading as the highest beta risk asset of cryptocurrencies, while trading in artificial intelligence and chips sets the tone for global risk appetite, with analysts at Anchorage Digital attributing about 30% of the pressure on bitcoin to capital rotation towards AI.
The June inflation figure arrives on July 14, and the Federal Reserve meets on July 28 and 29, the two events most likely to decide whether risk assets, both cryptocurrency and chip stocks, will receive relief or another benefit.
