Bitcoin prices dipped Thursday amid growing uncertainty in the technology sector, which dampened investor risk appetite. The world's largest cryptocurrency fell as much as 1.4% and was trading around $73,500 as of 8:45 a.m. in London. The decline came as concerns over leadership turmoil at Nvidia Corp. weighed on the broader artificial-intelligence trade.
The sell-off in Bitcoin extended a recent trend of withdrawals from US spot exchange-traded funds, adding further downward pressure. Other cryptocurrencies also weakened, mirroring the decline in US stock futures, which were dragged lower by the Nvidia-related uncertainty.
The market's reaction highlights the interconnected nature of risk assets, with developments in the tech sector spilling over into the cryptocurrency space. The decline in Bitcoin comes despite its status as a perceived hedge against traditional market volatility.