Bitcoin (BTC) has fallen 2% in the last 24 hours and given up most of its recent gains as technology stocks around the world remain under pressure.
The price of Bitcoin was at $63,300 U.S. early on July 28 after trading as high as $66,000 U.S. in recent days.
BTC had managed to rise above resistance at $65,000 U.S. and reach a multi-month high even as technology stocks fell over the past week.
However, it now looks like the ongoing selling in tech stocks, particularly chipmakers, is proving to be too much for cryptocurrencies.
Other leading digital assets such as Ethereum (ETH), Solana (SOL) and XRP (XRP) are down 3% to 4% on July 28.
Crypto is under pressure amid heavy selling around the world in the stocks of chipmakers, with South Korea’s Kospi index plunging 10.8% on the day.
In the U.S., the Nasdaq Composite (NDAQ) index is down nearly 200 points in premarket trading after posting two consecutive weeks of declines.
Leading U.S. chip stocks such as Nvidia (NVDA) and Advanced Micro Devices (AMD) dropped more than 5% each to start the trading week.
There had been hope over the past week that digital assets had turned a corner and that the “crypto winter” that began last autumn was finally coming to an end.
Exchange-traded funds (ETFs) that track the spot price of Bitcoin saw net inflows over the last week after seeing nearly $5 billion U.S. of outflows in June of this year.
Analysts note that Bitcoin and other crypto continue to trade in-tandem with technology stocks and that it is hard for digital assets to rally when the tech sector is in decline.
