bitcoin fell to the $60,000 area on Wednesday for the second time this month, continuing its poor price action in the face of risk-on market rallies elsewhere.
Gold and oil also continued to lose ground on Wednesday, each falling below key levels: gold at $4,000 per ounce and oil at $70 per barrel.
Read more: Gold, silver and bitcoin fall as ‘downgrade’ trade unravels
The declines in cryptocurrencies, precious metals and oil came as tech stocks rebounded after Tuesday’s modest one-day drop, and AI trading continued to attract investor interest and dollars.
South Korean memory chip giant SK Hynix on Wednesday filed to raise nearly $30 billion in a stock offering in the United States, in what would be the company’s biggest overseas capital raise since Saudi Aramco’s mammoth $26 billion sale in 2019.
The Nasdaq at midday on Wednesday was up 0.8% compared to bitcoin’s 3.2% drop.
Bitcoin has lost the plot
Billionaire hedge fund manager Philippe Laffont succinctly summed up investor sentiment on Tuesday, telling CNBC that he has become “a little more concerned” about the future of bitcoin, arguing that investors now have a wider range of opportunities to choose from than in previous years.
