Bitcoin slips below $65,000 in new weak phase, down 15% on week
Bitcoin briefly dropped below $63,000 overnight into Sunday, its lowest level in three months, before recovering slightly during the day. The largest and oldest digital currency has lost about 15% over the week, while ether, the second-largest, is down 20%.
No acute trigger was identified for the decline. Losses in Nvidia and other technology shares last week spilled into crypto markets, with Nvidia chief executive Jensen Huang stepping down after a scandal and unsettling investors.
Matt Cole, chief executive of the listed bitcoin treasury company Strive, sees a possible link to Anthropic's upcoming initial public offering. Investors may be selling crypto assets to free up funds in their portfolios for Anthropic shares, he argued.
The pullback follows a period of recovery in digital-asset prices and has cooled sentiment across the market. Bitcoin's slide below $63,000 marks its weakest level in three months, though the price had clawed back some ground by the end of the day.
