Bitcoin fell into the $60,000 zone on Wednesday for the second time this month, continuing its poor price action in the face of recovering venture markets elsewhere.
Gold and oil also continued to lose ground on Wednesday, with each falling below key levels – gold at $4,000 an ounce and oil at $70 a barrel.
Read more: Gold, silver and bitcoin fall as ‘debasement’ trade unfolds
The declines in cryptocurrencies, precious metals and oil came as technology stocks rebounded from Tuesday’s modest one-day decline as the AI trade continued to attract investor interest and dollars.
South Korean memory chip giant SK Hynix filed on Wednesday to raise nearly $30 billion in a U.S. stock offering, in what would be the largest capital raise by an overseas company since Saudi Aramco’s colossal $26 billion sale in 2019.
As of midday Wednesday, the Nasdaq was up 0.8% against Bitcoin’s 3.2% fall.
Bitcoin has lost the plot
Billionaire hedge fund manager Philippe Laffont succinctly summed up investor sentiment on Tuesday, telling CNBC that he had become “a little more worried” about the future of bitcoin, arguing that investors now have a wider range of opportunities to choose from than in previous years.
