Bitcoin Slips Toward $103K; Miners Tumble on AI Trade Cooling, SoftBank's Nvidia Exit
Bitcoin fell below $104K as traders took profits, while crypto miners dropped due to a cooling AI trade and SoftBank's Nvidia stake sale.Summary
Bitcoin (BTC) retreated below $104,000 after briefly surpassing $107,000, erasing gains from positive political news. Major altcoins like Solana and XRP also saw declines of 3%-4% as traders took profits following the rebound. The selling pressure heavily impacted crypto miners, with stocks like CleanSpark and Hut 8 tumbling significantly. This sector weakness was attributed to disappointing earnings and outlooks from firms like CoreWeave, suggesting a correction in the AI infrastructure trade. Further negative sentiment arose from SoftBank selling its entire $5.8 billion stake in Nvidia, causing the chipmaker's stock to drop and pulling the tech-heavy Nasdaq lower. The price action also saw BTC fill a weekend CME futures gap, a common market behavior.
(Source：CoinDesk)