Bitcoin remained near $65,000 during Friday’s Asian morning session, showing minimal movement, while roughly $800 billion vanished from the leading U.S. technology stocks, marking a rare period of divergence for an asset that has closely followed the AI trade this month.
The leading cryptocurrency traded around $65,400, slipping less than 1% on the day and gaining 3% over the week. Ether declined 3% to $1,879, while most other major coins posted declines. Dogecoin fell 5% to $0.069 (4% weekly), XRP dropped 2% to $1.11, Solana slipped 3% to $76, and Hyperliquid’s HYPE slipped to $58, a 4% decline over seven days. Though these moves were downside, they were modest compared with the broader equity market.
The Magnificent Seven — a nickname for the dominant megacap companies that have propelled U.S. equities for three years — fell 4.8% on Thursday, erasing $797 billion in market value, the steepest decline since the April 2025 tariff selloff, according to Bloomberg.
The selloff pulled the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%, with the group now 11% below its late‑May peak, wiping out $2 trillion in market value.
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