Bitcoin Slides 2.7% Amidst Asian Market Selloff and AI Spending Concerns

Bitcoin took a hit on Tuesday, sliding 2.7% to around $63,200 after the U.S. market close. The drop came as Asian markets sold off sharply and AI-related concerns rattled tech stocks.

The decline in Bitcoin's price was mirrored in other cryptocurrencies such as Ether, XRP, and Solana. South Korea's Kospi index plummeted over 10%, with Samsung and SK Hynix each dropping nearly 14% lower.

Nvidia fell about 5% on concerns that AI infrastructure spending may be unsustainable, topping $750 billion. The news of rapid advances by Chinese memory chipmakers also unsettled investors who had bet heavily on South Korean chipmakers.