As of Friday morning, Bitcoin held nearly $65,000 in Asia, barely moving as nearly $800 billion evaporated from America’s biggest tech stocks — a rare stretch of independence for an asset that has tracked the AI trade all month.
The largest cryptocurrency is trading at around $65,400, down less than 1% on the day and up 3% for the week. Ether slipped 3% to $1,879, and the rest of the majors turned red. Dogecoin was the worst of these, down 5% on the day to $0.069 and down 4% on the week. XRP fell 2% to $1.11, Solana lost 3% to $76 and Hyperliquid’s HYPE fell to $58, down 4% over seven sessions. These moves were losses, but modest compared to what was happening in stocks.
The Magnificent Seven, the colloquial term for the mega-cap group that has led U.S. stocks for three years, fell 4.8% on Thursday and lost $797 billion in market value in their worst day since the April 2025 tariff sell-off, according to Bloomberg.
The drop dragged the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%, and left the group 11% below its record high from late May, wiping out $2 trillion.
