Bitcoin Slumps Below $63K as Risk-Off Sentiment Persists

Bitcoin is struggling to stay above $63,000 as it extends its pullback from last week's high of $67,000. The cryptocurrency has fallen by 2.7% over the past 24 hours and more than 4% over the past seven days. This decline is largely attributed to a sell-off in AI-linked stocks that has spilled over into cryptocurrencies.

The risk-off sentiment persists, causing altcoins such as Ethereum and XRP to remain under pressure. The total crypto market capitalization has fallen by 2.6% to $2.17 trillion.

A flash crash on Hyperliquid has also affected perpetual futures tied to SK Hynix, a South Korean chipmaker that debuted its American depositary receipts on Nasdaq earlier this month.