Bitcoin drops toward $62,000 as the chip selloff deepens for a second day
Key takeaways
- The token traded around $62,546, down 2.1% over 24 hours and 4.9% on the week, per CoinDesk data, sliding back toward the lower end of the range it has held all month.
- Ether dropped 3.7% to $1,661 for a 7.2% weekly loss, XRP fell 2.2% to $1.10 and is down 9.3% on the week, solana lost 3.3% to $69 and dogecoin slid 9.8% over seven days.
- A renewed rout in semiconductor shares, the stocks that have led this year's market with triple-digit gains, sent the Philadelphia Semiconductor Index down 7.9% on Tuesday, with all 30 members falling.
The token traded around $62,546, down 2.1% over 24 hours and 4.9% on the week, per CoinDesk data, sliding back toward the lower end of the range it has held all month.
The selling was steep across the board. Ether dropped 3.7% to $1,661 for a 7.2% weekly loss, XRP fell 2.2% to $1.10 and is down 9.3% on the week, solana lost 3.3% to $69 and dogecoin slid 9.8% over seven days. Hyperliquid's HYPE was the worst hit, down 8.8% on the day and 18.6% on the week to about $61. Tron held up best, up 3.7% on the week.
The pressure came from the same place as Tuesday. A renewed rout in semiconductor shares, the stocks that have led this year's market with triple-digit gains, sent the Philadelphia Semiconductor Index down 7.9% on Tuesday, with all 30 members falling.