CoinDesk
Ether led a broad crypto selloff into the weekend, dropping 5.6% over 24 hours to about $1,555 and shedding 7.9% on the week. XRP fell 4.9% to $1.03, dogecoin slid 3.8% to $0.074, and solana held up better at $68. Bitcoin dipped near $58,000 before recovering toward $60,000, trading around $59,888, down 2.7% on the day and 4.5% on the week. Hyperliquid's HYPE fell 5.4% while Tron was the lone gainer, up 0.4%.
The pressure came from outside crypto. Global stocks slumped to a two-week low after Apple shares fell 6.1% on news the company raised prices on Macs, iPads and home devices, stoking fears that higher component costs will slow the memory-chip rally underpinning the AI trade. South Korea's Kospi tumbled as much as 9%, triggering its second trading halt of the week, as SK Hynix and Samsung both fell more than 8%. Nasdaq 100 futures dropped 1.5%, and Brent crude slipped below $74 a barrel after a projectile strike on a vessel in the Strait of Hormuz briefly revived supply concerns.
Why it matters
Crypto is falling on a tech selloff it did not start, with little of its own to lift it. Gabe Selby, head of research at CF Benchmarks, said part of bitcoin's pullback came from large holders selling sizable amounts into a market slow to absorb the extra supply, with new money and attention rotating toward AI plays and leaving crypto fighting for a smaller share of overall risk appetite. Selby described the move as a broad market cooldown rather than anything broken in crypto itself, a framing that turns the question from "is the floor in?" to "is this risk rotation durable?"
Market impact
Bitcoin is hovering in a historically important $50,000 to $60,000 support zone that has halted its declines for nearly two years. Selby pointed to $55,000 as the level to watch on the downside and $61,000 to $62,000 as the level bulls need to reclaim, advising that position sizes stay sensible. Altcoins are weakening faster than bitcoin inside that range, which is the typical pattern when broad risk-off pressure meets thinner alt liquidity.
Frequently asked questions
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Why is crypto selling off this week?
A renewed rout in global tech stocks is the trigger. Apple shares fell 6.1% after price hikes on Macs, iPads and home devices, raising fears that higher component costs will slow the memory-chip rally underpinning the AI trade. South Korea's Kospi halted trading twice in a week as chipnames tumbled.
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Which altcoins fell the hardest?
Ether dropped 5.6% over 24 hours to about $1,555 and is down 7.9% on the week, the steepest fall among the large caps. XRP fell 4.9% to $1.03 for an 8.5% weekly loss, dogecoin slid 3.8% to $0.074 for a 9.8% weekly loss, and Hyperliquid's HYPE fell 5.4%.
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What level is bitcoin holding at?
Bitcoin dipped near $58,000 before recovering toward $60,000, trading around $59,888. CF Benchmarks' Gabe Selby pointed to the $50,000 to $60,000 zone as where buyers have historically stepped in, with $55,000 as downside support and $61,000 to $62,000 as the level bulls need to reclaim.
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Is this selloff specific to crypto?
No. Selby described the move as a broad market cooldown rather than anything broken in crypto itself. He said new money and attention have rotated toward AI plays, leaving crypto fighting for a smaller share of overall risk appetite as large holders sell into thin demand.
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What would invalidate the bearish read?
Bitcoin reclaiming and holding the $61,000 to $62,000 level would suggest buyers are defending the $50K-$60K zone again, per Selby's framework. A stabilization in Apple and chip names, which are driving the AI-trade rotation, would also relieve pressure on risk assets including crypto.
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