Cryptocurrency markets extended their weekly decline on Friday, falling in tandem with equities as renewed doubts about the sustainability of the AI boom triggered a broad sell-off in technology shares. Bitcoin briefly dipped below $58,000 before recovering to around $59,888, down 2.7% on the day and 4.5% for the week. Ether led losses among major digital assets, tumbling 5.6% to $1,555 – its steepest seven-day drop at 7.9%.
The pressure originated from Wall Street, where the S&P 500 fell for a fourth consecutive session. Nasdaq 100 futures dropped 0.66% while the Dow edged higher, reflecting a rotation away from growth-sensitive names. Apple’s announcement of price hikes on MacBooks and iPads – driven by rising memory and storage costs – sent its shares down 6.1% and fanned concerns that higher component expenses could erode demand for devices, threatening the chip rally underpinning the AI trade. South Korea’s Kospi index was hit hard, falling as much as 9%, with chipmakers SK Hynix and Samsung each plunging more than 8%.
Adding to the cautious tone, The New York Times reported that OpenAI may push its initial public offering to 2027, a symbolic setback for the narrative that has dominated markets since ChatGPT’s debut. Meanwhile, a persistently high inflation reading from the Personal Consumption Expenditures index kept the possibility of further Federal Reserve rate hikes in play, weighing on tech valuations.
In the crypto sphere, XRP fell 4.9% to $1.03, dogecoin dropped 3.8% to $0.074, and solana held up comparatively well with a 1.2% weekly decline at $68. Tron was the only notable gainer, edging up 0.4%. Gabe Selby, head of research at CF Benchmarks, noted that large Bitcoin holders offloaded significant amounts into a market struggling to absorb supply, with fresh capital continuing to rotate into AI plays rather than crypto. Selby identified $55,000 as the next support level and said the $50,000–$60,000 zone has historically been a region where buyers step in.
