Bitcoin falls further as BTC miners shift to AI, pro-crypto legislation stalls
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Bitcoin’s underperformance of stocks deepened as BTC miners pivoted to AI and pro-crypto regulation in the United States stalled.
Key facts
Further bearish sentiment emerged after Trump Media & Technology Group (DJT US) transferred 2,650 BTC, worth $205 million at the time, to a cryptocurrency exchange address on Friday, according
Memory chipmakers SK Hynix (000660 KS) and Micron (MU US) surged past a $1 trillion market capitalization for the first time ever, joining multiple stocks that gained 20% or more over the past week
The Fed's total assets have remained stuck near $6.7 trillion since April 15
Bitcoin’s (BTC) rejection at $78,000 on Thursday marked a decoupling from traditional markets after two months of strong correlation
Summary
Bitcoin’s drop below $75,000 marks a sharp decoupling from a record-breaking stock market fueled by the AI boom. Crypto trader sentiment remains weak as key US regulatory acts face ongoing delays. Bitcoin’s (BTC) rejection at $78,000 on Thursday marked a decoupling from traditional markets after two months of strong correlation. The factors behind Bitcoin’s underperformance are unlikely to fade in the near term, reducing the odds of a bullish breakout above $82,000.