Bitcoin Defies AI-Driven Sell-Off with Steady Price
The largest cryptocurrency, Bitcoin, held steady near $65,400 in Asian trading hours on Friday, despite a sharp sell-off in major U.S. technology stocks.
The Magnificent Seven megacap tech stocks lost about $797 billion in market value on Thursday, their worst day since April 2025.
This sell-off dragged the S&P 500 and Nasdaq 100 lower, leaving the group 11% below its late-May peak. A key trigger for this drop was AI spending, with Alphabet raising its capital expenditure forecast to as much as $205 billion this year, and Tesla chief executive Elon Musk calling 2026 'a massive capex year.'
The connection between Bitcoin and the AI trade has been clear in recent months, but Friday's resilience hints at a possible decoupling. Whether this is the start of a genuine separation or just a single session remains an open question.