Bitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14%

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailBitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14%Broadcom's disappointing AI chip outlook pulled the Nasdaq lower for a third session, dragged Asian equities down with it, and took crypto along for the ride.By Shaurya Malwa Jun 5, 2026, 6:08 a.m. 2 min readMake preferred on What to know: Bitcoin and major cryptocurrencies extended steep weekly losses as the broader artificial-intelligence trade that has driven global risk assets since 2026 faltered.The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies sliding in a broad risk-off shift.Persistent outflows from U.S. spot bitcoin ETFs and a rare bitcoin sale by Strategy have removed a key source of support, leaving markets focused on Friday’s U.S. jobs report for clues on Federal Reserve policy and the fate of the AI trade.Bitcoin slid to $62,715 in Asian hours on Friday, down 1.9% on the day and 14.5% on the week, as the artificial-intelligence trade that has powered global risk assets through 2026 ran out of breath. Ether dropped a sharper 4.8% to $1,696 and is now down more than 15% on the week, while Solana fell 5.4% to $66.51, taking its seven-day loss to 18.5%.The selloff was led from outside crypto. Broadcom's quarterly AI-chip outlook missed elevated expectations on Wednesday, pausing a months-long advance in semiconductor stocks from their war-driven lows. Nasdaq 100 futures slipped 0.9% on Friday, extending the index to a third straight day of declines. South Korea's KOSPI, the best-performing major equity index this year and the cleanest tape on the AI buildout, tumbled 4.7%, with chipmaker SK Hynix off 8%. MSCI's Asia-Pacific equities gauge fell 1.4%.Currency markets carried their own stress signal. The Korean won extended a slide to a 2009 low. The Indonesian rupiah traded near its record low against the dollar as foreign investors yan…

Bitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14%

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