Bitcoin holds near $65,000 as $800 billion AI selloff leaves crypto largely untouched
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
On July 24, 2026, Bitcoin remained steady near $65,400 during Asian trading hours despite a significant sell-off in major U.S. technology stocks. The so-called "Magnificent Seven" megacap tech stocks lost approximately $797 billion in market value on Thursday, dragging the S&P 500 down 1.2% and the Nasdaq 100 by 1.9%. This sharp decline marked the worst day for the big tech group since April 2025 and pushed their market value 11% below a late-May peak, erasing $2 trillion overall.
The sell-off was triggered primarily by growing concerns over Big Tech companies rapidly increasing capital expenditure on artificial intelligence infrastructure, seemingly faster than profits can justify. Alphabet raised its spending forecast to as much as $205 billion for 2026, and Tesla called the year a "massive capex year" while reporting profits below expectations. This AI spending apprehension has closely tied Bitcoin’s price movements to the AI sector’s performance over recent weeks, with Bitcoin typically rising or falling in line with semiconductor stocks that power AI technologies.
Why it matters
Despite this historical linkage, Bitcoin’s resilience during the recent tech sell-off suggests a potential, yet unconfirmed, decoupling from the AI trade. Bitcoin dipped less than 1% on the day and gained 3% over the week, contrasting with other major cryptocurrencies which faced modest declines—Ether fell 3%, Dogecoin was down 5%, and XRP and Solana also lost ground. The crypto market’s relative stability against the dramatic equity losses marks a rare period of independence from AI-related tech sell-offs.
This development matters because Bitcoin miners have repositioned themselves as AI data-center operators, meaning any significant and sustained contraction in AI capital expenditure could eventually impact the crypto industry. However, the market’s muted reaction indicates that Bitcoin’s price may not be as tightly coupled with AI sector spending as has been assumed, or that any correlation changes might operate with a lag. This day’s events provide the first indication that Bitcoin might be establishing a price trajectory more independent of the AI capital cycle that has largely driven its recent movements.