TLDR Tech / Crypto
Bitcoin Slips Toward $63,000 as a Tech Selloff Drags Risk Assets Lower
A rotation out of chip and AI-focused equities pulled Bitcoin to $62,840 (-1.1% daily, -3.5% weekly) and Ether to $1,719, as South Korea's Kospi fell over 6% and Nasdaq 100 futures dropped 1.3%, reinforcing crypto's tightening correlation with the tech trade. XRP led major-cap losses at -9% weekly while Solana shed 3.4% daily to $71, though Tron diverged with a 4.6% weekly gain. Two crypto-specific signals flag additional weakness: the Coinbase premium has flipped negative, pointing to soft US institutional demand, and Strategy's STRC preferred stock fell below $84, adding overhead sentiment pressure. Bitcoin's $59,000-$60,000 zone is the critical support floor, with Micron earnings Wednesday, the June jobs report on July 2, and CPI on July 14 serving as near-term tests for risk appetite.
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