Bitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14%
Bitcoin and other major cryptocurrencies experienced a sharp decline as the broader artificial intelligence-driven market rally faltered. The sell-off was triggered by disappointing AI-chip outlooks from Broadcom and broader concerns regarding global equity markets.
Why it matters
The correlation between AI-sector performance and crypto assets highlights the increasing sensitivity of digital currencies to broader macroeconomic and tech-sector trends.
Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14% Broadcom s disappointing AI chip outlook pulled the Nasdaq lower for a third session, dragged Asian equities down with it, and took crypto along for the ride. By Shaurya Malwa Jun 5, 2026, 6:08 a.m. 2 min read Make preferred on What to know : Bitcoin and major cryptocurrencies extended steep weekly losses as the broader artificial-intelligence trade that has driven global risk assets since 2026 faltered. The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies sliding in a broad risk-off shift. Persistent outflows from U.S. spot bitcoin ETFs and a rare bitcoin sale by Strategy have removed a key source of support, leaving markets focused on Friday’s U.S. jobs report for clues on Federal Reserve policy and the fate of the AI trade. Bitcoin slid to $62,715 in Asian hours on Friday, down 1.9% on the day and 14.5% on the week, as the artificial-intelligence trade that has powered global risk assets through 2026 ran out of breath.
The article provides a market-focused analysis based on financial data and industry reports.
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