A sell-off in this year’s leading AI and semiconductor stocks rippled across global markets, dragging Asian equities sharply lower and weighing on crypto. South Korea’s Kospi plunged 6%, while Bitcoin is now down more than 3% on the week.

Bitcoin fell below the $63,000 mark on Tuesday as investors rotated out of risk assets, particularly the technology sector that has driven much of 2026’s market gains.

The asset traded around $62,840, declining 1.1% over the past 24 hours and 3.5% for the week, according to CoinDesk data. After briefly touching $65,076 on Monday, prices slid throughout the session. The broader crypto market followed suit: Ether dropped 0.9% to $1,719, XRP fell 1.6% to $1.12, Solana lost 3.4% to $71, and Dogecoin declined 6.6% over the past seven days.

Tron stood out as an exception, posting a 1.3% daily gain and a 4.6% weekly increase, while Hyperliquid’s HYPE token fell 4.8% on the week.

The weakness stemmed largely from macro factors. A rotation out of high-performing chip and AI stocks pushed global equities lower, with Asian markets retreating more than 2% after recent highs. The sharp decline in the Kospi underscored concerns that the chipmaker rally may have become overstretched.

In the U.S., S&P 500 futures slipped 0.8% and Nasdaq 100 futures fell 1.3%, reflecting continued pressure on megacap tech stocks alongside rising bond yields. Commodities also softened, with Brent crude dipping below $78 per barrel and gold prices edging lower.

This marks a shift in crypto’s primary drivers. In recent weeks, Bitcoin had been sensitive to geopolitical developments, particularly around Iran. With tensions easing and oil prices falling, crypto is now moving more in line with the AI-led equity trade—which is beginning to show signs of fatigue.

Attention now turns to Micron’s upcoming earnings report, seen as a key test of whether AI-related spending can continue to support the rally that has driven its stock up more than 300% this year.

Beyond that, Bitfire Group Holdings highlighted several near-term macro catalysts, including the U.S. jobs report on July 2, the consumer price index on July 14, and the start of second-quarter earnings season later in the month. These events are expected to shape the broader risk environment, particularly through signals from major AI companies.

The firm also flagged two crypto-specific concerns. The Coinbase premium has moved into negative territory, suggesting weak demand from U.S. institutional investors.

Meanwhile, Strategy’s STRC preferred stock has extended its decline, briefly falling below $84. While not signaling immediate distress, lingering concerns about potential forced selling continue to weigh on sentiment.

For Bitcoin, the key level remains the lower bound of its recent range. A decisive break below the $59,000–$60,000 support zone would likely indicate that the current pullback is evolving into a deeper correction.