Analysis: Bitcoin falls back to $74,000 as selling pressure in AI stocks drags down the crypto market
According to Odaily, due to the weakness in tech stocks, Bitcoin fell below $74,000 during early U.S. trading hours. The Nasdaq 100 Index dropped by 1%, and as the market worries about the disruptive impact of AI, the iShares Expanded Tech-Software ETF (IGV) has declined by 17% over the past week. Crypto mining stocks related to AI infrastructure development also fell, with Cipher Mining (CIFR), IREN, and Hut 8 (HUT) all dropping by more than 10%. This decline was triggered by chipmaker AMD’s 2026 performance outlook missing analysts’ expectations, causing its stock price to fall by 14%.
In addition, gold also faced sell-offs, with its price retreating from a high of $5,113 per ounce to below $5,000. In terms of economic data, the U.S. January ISM Services PMI was 53.8, indicating continued expansion in the services sector. However, according to the ADP report, private sector job growth slowed, with only 22,000 jobs added. Quinn Thompson, Chief Investment Officer at Lekker Capital, stated that there are signs of employment weakness in manufacturing, professional and business services, and among large employers, and believes the market is underestimating the scale of potential stimulus measures the Federal Reserve might introduce in 2026. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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