Bitcoin price news: BTC under pressure as U.S. tech sector stumbles
Bitcoin dropped below $74,000 as weakness in the tech sector, driven by AI jitters and a 14% drop in AMD stock, weighed on crypto.Summary
Bitcoin fell back below $74,000 during the early U.S. trading session, as the earlier recovery from Tuesday's lows faded due to significant weakness in the technology sector. The Nasdaq 100 declined by 1%, continuing a downward trend, while the iShares Expanded Tech-Software ETF (IGV) tumbled another 4%, marking a 17% drop in just over a week amid fears of severe disruption from Artificial Intelligence (AI).
Crypto miners, whose operations are increasingly linked to AI infrastructure buildout, mirrored the tech slide, with companies like Cipher Mining, IREN, and Hut 8 each falling over 10%. This broader market pressure originated from chipmaker AMD, which plunged 14% after its 2026 outlook failed to meet analyst expectations. Gold also reversed an overnight surge, sliding back below $5,000 per ounce.
Economic data provided mixed signals: the ISM Services PMI held steady at 53.8, beating expectations, but private job growth slowed sharply to 22,000 jobs added according to the ADP report, missing forecasts. The release of the official government jobs report was delayed until next week due to a short government shutdown.
(Source：CoinDesk)