Bitcoin falls to $60,000 as AI trade continues to draw investor interest and capital
Key takeaways
- Also continuing to lose ground on Wednesday were gold and oil, each falling below key levels — gold $4,000 per ounce and oil $70 per barrel.
- Read more: Gold, silver and bitcoin tumble as 'debasement' trade unwinds
- The declines in crypto, precious metals, and oil came as tech stocks rebounded following Tuesday's modest one-day slump, with the AI trade continuing to draw investor interest and dollars.
Santiago/Getty Images)Summary Show The crypto bear market continued in force on Wednesday, with bitcoin falling back to the $60,000 area.There were aslo sharp pullbacks in gold and oil, undermining the 2025 “debasement trade” that had favored hard assets amid worries over government debt and fiat currencies.Tech, particularly the AI boom, continues to draw investor interest and capital.Bitcoin BTC$60,230.74 dropped to the $60,000 area on Wednesday for the second time this month, continuing its poor price action in the face of risk market rallies elsewhere.
Also continuing to lose ground on Wednesday were gold and oil, each falling below key levels — gold $4,000 per ounce and oil $70 per barrel.
Read more: Gold, silver and bitcoin tumble as 'debasement' trade unwinds