Bitcoin Tumbles as Asian Markets Reel and AI Spending Concerns Mount

Bitcoin (BTC) slid 2.7% to around $63,200 on Tuesday as Asian markets sold off sharply and AI-related concerns rattled tech stocks.

The drop came after the U.S. stock market closed Monday, with Bitcoin having held near $65,000 before the selloff.

Ethereum (ETH), XRP, and Solana also fell in tandem with Bitcoin's decline.

In South Korea, the Kospi index plummeted over 10%, its steepest single-day fall in recent months, with Samsung and SK Hynix each closing nearly 14% lower.

The trigger for the selloff was news of rapid advances by Chinese memory chipmakers, which unsettled investors who had bet heavily on South Korean chipmakers.