Bitcoin maintained the $65,000 level on the 24th despite a sharp decline in US artificial intelligence-related stocks. According to global crypto market platform CoinGecko, Bitcoin traded at $65,393 as of 4 PM on the 24th, while crypto media outlet CoinDesk reported Bitcoin held around $65,000 throughout the day. The stability contrasted with the Magnificent 7 tech stocks, which plunged 4.8% on the 23rd (local time), erasing approximately $797 billion in market capitalization. Bitcoin's resilience came as US spot Bitcoin exchange-traded funds attracted institutional capital and excessive leverage was cleared during recent corrections. The divergence was notable given Bitcoin's recent pattern of moving in tandem with AI and semiconductor stocks over the past month.
Bitcoin Maintains $65,000 Level on the 24th
Bitcoin traded at $65,393 as of 4 PM on the 24th according to CoinGecko. CoinDesk reported Bitcoin maintained around $65,000 throughout the day. On a weekly basis, Bitcoin was up approximately 3%. The price movement was limited compared to the large-scale capital outflows from US technology stocks.
Magnificent 7 Stocks Lose $797 Billion in Single Day
The Magnificent 7 stocks that have led the US stock market plunged 4.8% on the 23rd (local time) according to Bloomberg. The market capitalization loss of approximately $797 billion marked the worst single day since the tariff shock in April 2025. The S&P 500 index fell 1.2% and the Nasdaq 100 index dropped 1.9%. The Magnificent 7's market capitalization decreased by approximately $2 trillion compared to the peak in late May.
Alphabet Raises Capital Expenditure Forecast to $205 Billion
Concerns about AI investment underpinned the technology stock decline. Alphabet raised its capital expenditure forecast for this year to as high as $205 billion. Tesla also signaled large-scale investment. Concerns grew that the pace of big tech's AI infrastructure investment is outpacing actual revenue growth.
Bitcoin Tracked AI Stocks During Recent Month
Bitcoin's movement drew attention because it had moved largely in the same direction as AI stocks until recently. This month, Bitcoin rose when semiconductor stocks showed strength, and Bitcoin also fell when related stocks weakened. Risk appetite sentiment and AI investment cycle changes affected the crypto market.
US Spot Bitcoin ETFs Attract Institutional Inflows
Bitcoin maintained the $65,000 level despite the massive market cap loss in AI-related stocks in a single day. Institutional capital inflows centered on US spot Bitcoin exchange-traded funds supported the price floor. Excessive leverage was substantially cleared during the prior correction process. Some Bitcoin mining companies expanded their scope into AI data center businesses.
FAQ
What price did Bitcoin trade at on the 24th?
According to CoinGecko, Bitcoin traded at $65,393 as of 4 PM on the 24th. CoinDesk reported Bitcoin maintained around $65,000 throughout the day, representing approximately 3% growth on a weekly basis.
How much did the Magnificent 7 stocks decline on the 23rd?
The Magnificent 7 stocks plunged 4.8% on the 23rd (local time) according to Bloomberg, erasing approximately $797 billion in market capitalization in a single day. This marked the worst single day since the tariff shock in April 2025, with the S&P 500 falling 1.2% and the Nasdaq 100 dropping 1.9%.
Why did Bitcoin maintain stability while AI stocks declined?
Bitcoin held the $65,000 level as US spot Bitcoin ETFs attracted institutional capital inflows and excessive leverage was cleared during recent corrections. These factors supported the price floor despite the large-scale market cap loss in AI-related stocks.
