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Bitcoin Falls Below $98,000 Amid Tech Market Shake-Up
Cryptocurrencies are starting this week on shaky ground. Bitcoin has dropped below $98,000, dragging the market down as tech stocks struggle. This steep fall raises questions about how deeply digital assets are tied to other sectors, especially tech. As markets react, investors are left pondering the ripple effects on the broader financial landscape.
What Happened to Bitcoin?
On Monday, Bitcoin’s price slid 5% to $98,432.54, according to Coin Metrics. At one point, it dipped to $97,750. This downturn also hit the broader crypto market, with the CoinDesk 20 index falling almost 10%.
The drop mirrors a 4% decline in Nasdaq futures, showing how connected digital assets are to tech stocks. This connection isn’t new, but the magnitude of the drop highlights just how sensitive Bitcoin is to tech industry shifts.
Crypto Stocks Take a Hit
The slump didn’t stop with Bitcoin. Shares of Coinbase dropped 6%, while MicroStrategy fell 5%. Bitcoin miners were hit even harder. Core Scientific saw its shares tumble by 18.5%, Terawulf dropped 14%, and Iren (formerly Iris Energy) lost 10%.
