BTC tests $62K for first time in 2 weeks amid US stock weakness

Bitcoin tested the $62,000 level for the first time in two weeks amid weakness in U.S. tech stocks and a hawkish Federal Reserve stance, Decrypt reported. BTC fell to as low as $62,000, while major altcoins including ETH, XRP, and SOL also saw declines of over 5%. The market downturn is being attributed to a sell-off centered on AI-related stocks, which has dampened risk appetite. Carlos Guzman, a research analyst at GSR Markets, explained that a sell-off is occurring in AI-related stocks and the crypto market is reacting to this risk-off sentiment. Meanwhile, Gerry O'Shea, head of global market analysis at crypto asset manager Hashdex, mentioned that easing U.S.-Iran tensions and the passage of the Clarity Act could serve as an inflection point for the crypto market.