Bitcoin slid below the $71,000 mark in Asian hours Thursday as a renewed selloff in global technology stocks spilled into crypto markets, undercutting hopes of a sustained rebound after last week’s volatility.

The world’s largest cryptocurrency fell as much as 7.5% over the past 24 hours, touching lows near $70,700 before paring some losses, according to CoinDesk data.

The move followed sharp declines in Asian equities, where mounting concern over artificial intelligence spending, stretched valuations and slowing earnings momentum pushed investors further away from risk assets.

MSCI’s Asia tech index fell for a fifth time in six sessions, led by steep losses in South Korea’s Kospi, which dropped around 4% as heavyweight AI-linked stocks came under pressure.

The weakness followed a slide in the Nasdaq during U.S. trading, where disappointing earnings from firms such as Alphabet, Qualcomm and Arm reinforced fears that AI investment may be peaking faster than expected.

Bitcoin has increasingly traded as a high-beta risk asset during equity-led drawdowns, particularly when liquidity is thin and macro uncertainty rises.

The latest drop comes after bitcoin briefly whipsawed earlier this week, falling toward $73,000 before rebounding above $76,000 in a move some traders said was a sign of fragile conviction rather than a clean trend reversal.
“Bitcoin’s move below the low-$70,000s has accelerated a broader deleveraging, flushing out crowded positioning built during the post-ETF rally,” Wenny Cai, COO at Synfutures, said in a Telegram message. “Liquidations have been heavy, sentiment has swung risk-off, and price action is now being driven more by balance-sheet mechanics than narrative flow.”

“This doesn’t signal the end of institutional participation, but it does mark the end of complacency,” Cai added.

Pressure was compounded by sharp moves in commodities. Silver plunged as much as 17% and gold fell over 3%, extending a brutal unwind that has already triggered heavy liquidations in tokenized metals products on crypto venues.