Bitcoin held its ground near 65,000 US dollars during Friday morning in Asia, barely budging, while nearly 800 billion US dollars in market value evaporated from the largest US tech stocks. The Magnificent Seven group tumbled 4.8 percent on Thursday, losing 797 billion US dollars in market capitalization, marking the worst trading day since the tariff-driven sell-off in April 2025, according to Bloomberg. A key trigger was AI capital spending, with Alphabet raising its capital expenditure forecast to 205 billion US dollars this year, and Tesla CEO Elon Musk calling 2026 a year of massive investment after the company reported earnings far below expectations. Bitcoin traded around 65,400 US dollars, down less than 1 percent on the day and up 3 percent for the week. Ether slipped 3 percent to 1,879 US dollars, while other major coins mostly declined, with Dogecoin down 5 percent on the day to 0.069 US dollars. The crypto moves, though in the red, were minimal compared to what happened in the stock market, marking an early sign that the two assets may not be as tightly linked as previous bull runs suggested.
Alphabet Inc Class CAlphabet raised its capital expenditure forecast to $205B, triggering a sell-off in AI stocks.
Tesla IncTesla reported earnings far below expectations and Musk called 2026 a year of massive investment.