Bitcoin Slides Toward $60K as Semiconductor Selloff Ripples Across Markets

What happened: Bitcoin fell to an intraday low of $59,018 before recovering to around $60,800, marking a 5% weekly decline. The drop coincided with a sharp selloff in semiconductor stocks—Micron, Marvell, and TSMC led the Philadelphia Semiconductor Index down 7.9%. US spot Bitcoin ETFs registered over $6 billion in net outflows in the past 30 days. Roughly $717 million in crypto positions were liquidated in 24 hours, with $213 million from BTC alone. The move followed hawkish signals from Fed Chair Kevin Warsh, which weighed on risk assets broadly.

Why it matters: The deepening chip rout underscores the interconnectedness of tech and crypto markets. Institutional sentiment is clearly risk-off, as evidenced by record ETF outflows and heavy liquidations. While some outlets reported BTC dipping below $60,000, the broader narrative is one of macro-driven volatility rather than a crypto-specific crisis. The episode highlights how external shocks—such as Fed policy or tech sector turbulence—continue to dictate crypto price action.

Source: CoinDesk