Tech Giants' AI Spending Sparks Crypto Sell-Off

Bitcoin's price has dipped under intense macro headwinds as tech giants' heavy spending on artificial intelligence sparks concerns over corporate cash flows and debt burdens.

The leading cryptocurrency trades at $64,017.51, down 2.49% over the last 24 hours with daily trading volumes reaching $22.84 billion.

Market sentiment has turned cautious due to Bitcoin's increasing correlation with high-growth technology shares. Tech equity liquidation has triggered a crypto selloff as investors become anxious about massive capital expenditures towards AI infrastructure.

Peter Andersen, CEO of Andersen Capital Management, noted that people are questioning the scale of spending and how much more patient they need to be before seeing actual profits.