Bitcoin Tests Resilience as AI Selloff Hits Wall Street
Bitcoin traded above $77,000 on Monday as AI-related stocks sold off at the Wall Street open. The weakness in tech shares followed weekend calls to pace AI development and coincided with rising oil prices.
The Nasdaq 100 E-mini futures declined by 1.72% compared to a 0.70% drop for S&P 500 futures and a 0.18% fall for Dow futures, according to Reuters' premarket report at 4:46 a.m. Eastern on September 14.
The uneven losses suggest selective repricing in the market, with some companies bearing the brunt of selling pressure while others remain unaffected. Chip stocks such as Nvidia, Intel, and Marvell fell sharply, but software shares like ServiceNow, Adobe, and Workday rose.
The split in performance makes it difficult to gauge the extent of the selloff's impact on the broader market. A further decline in the Nasdaq loss while other indices hold firm could suggest that buyers are absorbing the initial repricing.