Bitcoin Below $82,000 as Stock Market Pressure Weighs on Crypto
By Joseph WilkinsBitcoin clawed back some ground but remained below $82,000 on Friday, after experiencing heavy losses in the previous session amid fears that the artificial intelligence trade is losing steam.The flagship cryptocurrency was 0.8% higher at $81,828, bouncing back from lows of $81,074 on Thursday. Bitcoin joined technology and AI stocks in selling off, as the Nasdaq finished the day down 2.6% to mark its largest one-day decline since June.Cryptocurrencies have taken a hit this week as fears around artificial intelligence spurred investors to rotate out of riskier assets. Spot Bitcoin ETF flows, however, signal improving institutional demand, which has helped cushion recent losses, said Konstantinos Chrysikos, director at broker Kudo.com.Data from Coinglass shows that bitcoin ETFs have recorded net inflows for three straight days totaling $1.07 billion, with over $500 million in inflows seen on Wednesday alone.Ether rose 0.8% after heavy declines seen on Thursday.Write to Joseph Wilkins at [email protected]