Bitcoin Slides to 20-Month Low as Tech-Led Selloff Saps Risk Appetite

June 25 — Bitcoin sank to its lowest level in 20 months as intensified selling in technology shares further cooled investors' appetite for risk, the Financial Times reported. The cryptocurrency briefly slipped below $60,000, falling as much as 5.4% intraday to its weakest point since October 2024. The $60,000 mark has been widely viewed by traders as a key technical support over the past two years. The latest move followed a pullback in major tech stocks this week, as markets price in the possibility that the U.S. central bank may respond to persistent inflation with further rate increases. Higher borrowing costs tend to pressure risk assets, pushing investors to rethink richly valued positions and rotate toward comparatively safer holdings. Crypto markets, which have shown a strong correlation with equities in recent years, are seeing that relationship strained. Bitcoin is down 32% year to date, while Solana has fallen 47%, and even a rebound in stocks has done little to materially offset those declines. Analysts also point to softer retail demand for digital assets as investor attention shifts to the volatility and momentum in AI-related equities. Gerry O'Shea, head of global market insights at crypto asset manager Hashdex, said sentiment remains subdued as large public offerings and AI stocks continue to dominate market focus. Strategists say the sector lacks clear near-term catalysts. U.S. capital markets are still digesting SpaceX's record-breaking Nasdaq IPO earlier this month, with AI companies including OpenAI and Anthropic expected to follow. In Washington, the Clarity Act — a key U.S. digital-asset regulatory bill — remains stalled in the Senate, facing strong opposition from the banking industry and lacking sufficient bipartisan support for now.