Bitcoin falls back to $74,000, remaining on defense as AI jitters shake tech sector

Bitcoin BTC$76,073.52 fell back below $74,000 in the early innings of the U.S. session, with the bounce from Tuesday’s lows quickly fading away as weakness in tech stocks weighed on crypto.

The Nasdaq 100 was 1% lower following the previous day’s 1.5% decline. The software sector continued its tumble, with the thematic iShares Expanded Tech-Software ETF (IGV) declining another 4%, now down 17% in a little over a week, amid fears that AI will be severely disruptive.

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Crypto miners, increasingly tied to the buildout of AI infrastructure, mirrored the slide, with Cipher Mining (CIFR), IREN, and Hut 8 (HUT) falling by more than 10%. The declines stemmed from chipmaker AMD, which fell 14% after