- The crypto bear market continued in force on Wednesday, with bitcoin falling back below $60,000.
- There were also sharp pullbacks in gold and oil, undermining the 2025 “debasement trade” that had favored hard assets amid worries over government debt and fiat currencies.
- Tech, particularly the AI boom, continues to draw investor interest and capital.
Bitcoin BTC$59,511.06 dropped below $60,000 on Wednesday for the second time this month, continuing its poor price action in the face of risk market rallies elsewhere.
Also continuing to lose ground on Wednesday were gold and oil, each falling below key levels — gold $4,000 per ounce and oil $70 per barrel.
Read more: Gold, silver and bitcoin tumble as 'debasement' trade unwinds
The declines in crypto, precious metals, and oil came as tech stocks rebounded following Tuesday's modest one-day slump, with the AI trade continuing to draw investor interest and dollars.
South Korean memory chip giant SK Hynix on Wednesday filed to raise nearly $30 billion in a U.S. share offering, in what would be the overseas company capital raise since Saudi Aramco's mammoth $26 billion sale in 2019.
The Nasdaq at midday Wednesday was up 0.8% against bitcoin's 3.2% slump.
Bitcoin has lost the plot
Billionaire hedge fund manager Philippe Laffont succinctly summed up investor sentiment Tuesday, telling CNBC he has become "a little bit more worried" about bitcoin's future, arguing that investors now have a wider range of opportunities to choose from than in previous years.
