The crypto market fell on Friday, with bitcoin recovering from a drop below $63,000 to trade down 1.2% since midnight UTC and ether (ETH) losing 1.74%. The total crypto market cap fell 1.86% to $2.16 trillion.
Selling is not limited to crypto. Nasdaq 100 Index futures fell 1.91% and S&P 500 futures fell 0.96%, indicating that macroeconomic forces are driving the move rather than anything crypto-specific. Japan’s Nikkei 225 index fell 4%, while South Korea’s Kospi stock exchange was closed for Constitution Day.
In a classic risk-off rotation, the Dollar Index (DXY) climbed to 100.75 while gold rose 0.61% to climb back above $4,000.
This downward development can be attributed to a sell-off in technology stocks in North America and Asia, as well as growing tensions in the Middle East.
“The market ends the week with two bruises: AI fatigue and Hormuz heat,” said Patrick Munnelly of Tickmill Group. “Semiconductor selling shifted from profit-taking to offsetting positions, sending Asia to its worst levels in months.”
