Bitcoin reaches two-week low amid tech sell-off causing aversion to risk
June 23, 2026
Bitcoin experienced a significant drop, reaching a nearly two-week low as a sell-off in the tech sector impacted risk assets. The original cryptocurrency saw a decline of up to 3.9 percent, falling to US$61,877, its lowest level since June 11. Despite this, it managed to recover slightly, trading around US$62,300 during New York trading hours.
Other digital tokens followed suit, with Ether dropping by as much as 5.6 percent, while Solana and XRP experienced declines of 6.4 percent and 3.3 percent, respectively. The decline in Bitcoin prices mirrored the downward trend seen in technology stocks in the US since Monday, fueled by renewed concerns over the massive spending of artificial intelligence companies. This negative sentiment affected companies like Elon Musk’s SpaceX, which recently completed a record-breaking initial public offering. The tech-heavy Nasdaq 100 index also took a hit, dropping by as much as 3.4 percent.
Losses were more pronounced in the Asian market, evidenced by South Korea’s Kospi index plunging by 10 percent from its record high. This downturn had an impact on prices in one of the world’s most active cryptocurrency markets. According to Tian Zeng, CEO and CIO of crypto trading firm Third Eye, “Korean equities broadly have been leading the low breadth move in equities.”
Bitcoin’s price briefly dipped below US$60,000 in early June before rebounding. However, for most of the month, the cryptocurrency has been trading below US$65,000. Notably, US-listed spot Bitcoin exchange-traded funds have seen massive outflows totaling US$2.4 billion in June, according to data compiled by Bloomberg.
The negative trend in Bitcoin prices also affected shares of crypto-related companies, with Bitcoin accumulator Strategy experiencing a fifth consecutive trading session of decline, resulting in a drop of over 20 percent in the past week. Additionally, digital exchange Coinbase Global fell by 2.5 percent, while stablecoin issuer Circle Internet Group saw a decrease of more than 4 percent in its stock price.
The decision by Strategy earlier this month to sell some of its Bitcoin holdings for the first time in several years continued to impact investor sentiment. As the largest corporate buyer of Bitcoin, Strategy has utilized common shares over the past three weeks to finance its purchases, thereby increasing the risk of dilution for shareholders.
The current market conditions indicate a broader shift towards risk-off sentiment, with Bitcoin’s recent performance reflecting ongoing volatility in the digital asset space. Investors continue to monitor developments closely as they navigate the evolving landscape of cryptocurrencies and tech stocks amidst changing market conditions.
