Bitcoin falls under $63,000 as a tech selloff drags risk assets lower

Bitcoin experienced a notable decline, falling below the $63,000 mark and registering a weekly loss exceeding 3%. This downturn appears to be a direct consequence of a wider selloff in technology stocks, which has seen investors rotate out of high-performing AI and chip sector equities. The impact was evident across Asian markets, with South Korea's Kospi index notably dropping 6%.

The correlation between traditional risk assets and cryptocurrencies like Bitcoin continues to be a key dynamic. The current movement indicates a broader market sentiment shift away from speculative or growth-oriented assets. Traders will be watching for stabilization in tech and broader equity markets to gauge potential support levels for Bitcoin.