Bitcoin · Wall Street · CLARITY Act · SpaceX · Decrypt
Bitcoin Tests Two-Week Low at $62K as Tech Stocks Waver on Wall Street
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The price of Bitcoin and other cryptocurrencies fell in sympathy with tech stocks on Tuesday, indicating that investors’ appetite for risk is shifting across the board.
Key facts
- With traders now expecting the Fed to raise its benchmark rate to a target range of 3.75% to 4% in July, Bitcoin is likely to continue trading between $60,000 and $70,000, Gerry O'Shea, head
- Despite rising on Tuesday, SpaceX shares dropped 12% to $156.40 a day before, denting a post-debut pop for Elon Musk’s rocket-maker and AI firm, according to Yahoo Finance
- The leading digital asset by market cap tested a two-week low of $62,000 as markets opened in the U.S., showing a 4% decrease over the past day, according to CoinGecko data
- The tech-heavy Nasdaq was on track to slide 1.6%, weighed down by chipmakers including Micron Technology and SanDisk
Summary
Bitcoin fell in sympathy with tech stocks on Tuesday, hitting a two-week low as investors appeared to fixate on expectations of rate hikes. The weakness follows a frenetic rally in tech stocks; however, names attached to the AI boom were set to drag the Nasdaq lower. Hashdex’s Gerry O'Shea pointed to the Clarity Act and further de-escalation on the Middle East as potential market catalysts. The leading digital asset by market cap tested a two-week low of $62,000 as markets opened in the U.S., showing a 4% decrease over the past day, according to CoinGecko data.