Bitcoin Tumbles to $63K as Tech Selloff Spills Over from Asia

Bitcoin slid below $63,000 on Tuesday, extending a broader risk-off move that followed a sharp sell-off in Asia-linked equities. The decline was triggered by renewed pressure on global technology and AI supply chains.

The selloff spilled over to the US market, with semiconductor stocks leading the reversal in Asia. South Korea's KOSPI closed down 10.8% in a day, while Japan's Kioxia Holdings fell 18.3%. The Nasdaq Composite was also down more than 1%, dragged by tech exposure.

The weakness in equities is tied to doubts about the durability of hyperscaler capital expenditure. Investors are reassessing whether the economics of large-scale AI infrastructure builds can justify the magnitude and pace of spending. Alphabet reported its first cash burn on record, totaling $5.9 billion, despite cloud unit growth.

Crypto traders are bracing for correlated selling pressure, as high-beta assets like Bitcoin face challenges when leverage is already elevated in crypto markets. Long liquidations exceeded $510 million over 24 hours, according to CoinGlass data.