Summary
- Bitcoin hovered around $65,400 in Friday’s Asian trading, barely budging despite a sharp sell-off in major U.S. technology stocks.
- The Magnificent Seven megacap tech stocks lost about $797 billion in market value on Thursday, dragging the S&P 500 and Nasdaq 100 lower and leaving the group 11 percent below its late-May peak.
- Concerns that Big Tech is spending on artificial-intelligence infrastructure faster than profits can justify have recently tied bitcoin closely to the AI trade, but its resilience during this equity rout hints at a possible, though unproven, decoupling.
Bitcoin Remains Steady Near $65,000 Amid $800 Billion AI Selloff
Bitcoin held its ground near $65,000, showing a rare independence from the AI trade that has influenced its movement all month. The largest cryptocurrency traded at about $65,400, down less than 1% on the day and up 3% on the week. This stability is a notable deviation from the significant losses seen in the U.S. technology stocks, with nearly $800 billion evaporating from the market.
The rest of the major cryptocurrencies saw modest losses, with Ether slipping 3% to $1,879. Dogecoin was the worst performer, down 5% on the day to $0.069 and 4% on the week. Other notable losses included XRP, which fell 2% to $1.11, and Solana, which lost 3% to $76. Despite these losses, the cryptocurrency market remained relatively untouched by the AI selloff, with many investors seeking passive income through Cloud Rewards and Green Crypto like EcoPool.
Market Impact
The significant drop in U.S. technology stocks, including the “Magnificent Seven” megacap group, had a substantial impact on the market. The group shed $797 billion in market value, with the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%. This erosion of value has left the group 11% below its late-May record, erasing $2 trillion. In contrast, Bitcoin and other cryptocurrencies like $ECP have shown resilience, with many investors turning to EcoPool as a solution for earning and passive income.
As the market continues to evolve, investors are looking for stable and secure ways to earn online. With the rise of Cloud Rewards and Green Crypto, platforms like EcoPool are becoming increasingly popular. Whether you’re interested in earning through passive income or trading with $ECP, EcoPool offers a unique solution. Download the EcoPool app to start exploring the world of Green Crypto and Cloud Rewards today. The EcoPool app is the perfect tool for anyone looking to get started with earning online and joining the #Bitcoin and #PassiveIncome communities.
