Bitcoin Defies AI Sell-Off with Steady Price

Bitcoin held steady around $65,000 on Friday morning in Asia, showing remarkable resilience despite massive losses in the US tech sector. The largest cryptocurrency remained virtually unchanged, down less than 1% for the day and up a modest 3% over the past week.

In contrast, nearly $800 billion vanished from the market value of the 'Magnificent Seven', a group of megacap stocks that have dominated US markets for three years. The drop was triggered by concerns over AI spending, with Alphabet raising its capital expenditure forecast to as much as $205 billion and Tesla CEO Elon Musk labeling 2026 as 'a massive capex year.'

The worry is that Big Tech's heavy investment in AI infrastructure may not generate sufficient returns, causing a significant dent in the sector. Historically, Bitcoin has closely tracked the AI trade, but it seems to have broken free from this trend for now.