Bitcoin faced a bad week as investors turned to AI and massive IPOs instead of digital assets.

Bitcoin prices plummeted, falling below $60,000, as investments in AI stocks and the IPO of SpaceX drew money out of the crypto market.

On June 6, 2569, CNBC reported that: Bitcoin is facing one of its most difficult periods in years, with its price dropping by approximately 15% in a single week. This represents the sharpest weekly decline since the FTX platform crash in 2565, pushing the price to trade around $63,000 and marking a approximately one-third drop since the beginning of 2569.

During Friday's trading, the price of Bitcoin dropped below $60,000 for the first time since 2567, touching an intraday low of $59,112 before recovering somewhat later.

The weakness in the crypto market occurred during a period when many investors were focusing their attention on artificial intelligence (AI) stocks, as well as the highly anticipated initial public offering (IPO) of SpaceX, resulting in some investment flowing out of digital assets and into the stock market.

Another factor weighing on market confidence was the revelation by Strategy, the largest Bitcoin holder among publicly traded companies, that it had sold some of its Bitcoin for the first time since 2565. This raised concerns among investors about the short-term outlook for the crypto market.

The selling pressure wasn't limited to Bitcoin; it also impacted cryptocurrency-related stocks, with Coinbase Global shares falling approximately 7% and Circle Internet Group shares plummeting more than 11% in a single day.

Market data also shows continued capital outflows from Bitcoin-referenced ETFs, while funds investing in semiconductor and AI stocks are receiving significant investment returns, reflecting a shift in investor interest from cryptocurrencies to AI-related businesses.

Although Bitcoin remains the cryptocurrency with the highest market capitalization in the world, its share of influence in the digital asset market is declining, while alternative coins and stablecoins are playing an increasingly significant role.

refer : cnbc.com

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