Bitcoin is extending its decline after losing the $60,000 level. The pullback appears to stem from subdued crypto investment sentiment as U.S. inflation concerns and a rush of funds into artificial intelligence (AI) stocks coincide.
As of 9 a.m. on the 26th, bitcoin was at $59,767 on CoinMarketCap, a global cryptocurrency market tracker, down 2% from 24 hours earlier. At one point the previous day, bitcoin fell to around $58,100.
Major altcoins (cryptocurrencies other than bitcoin) are falling alongside bitcoin's weakness. Ethereum is down 3.38% at $1,567, Ripple is down 2.82% at $1.04, and Solana is down 0.68% at $67.6.
In the market, there is an outlook that the cryptocurrency downturn will continue for the time being as funds concentrate in AI-related stocks after Micron, a U.S. memory chip company, reported record results.