Analysis: Bitcoin Falls to $74,000, AI Stock Sell-Off Weighs on Crypto Market

Odaily According to news, affected by the weakness in technology stocks, Bitcoin fell below $74,000 during the early U.S. trading session. The Nasdaq 100 index dropped 1%, and the iShares Expanded Tech-Software ETF (IGV) has fallen 17% over the past week and more, due to market concerns about the disruptive impact of AI. Stock prices of crypto mining companies related to AI infrastructure development also declined, with Cipher Mining (CIFR), IREN, and Hut 8 (HUT) all dropping over 10%. This decline stemmed from chipmaker AMD's 2026 performance outlook falling short of analyst expectations, leading to a 14% drop in its stock price.

Additionally, gold also faced selling pressure, with its price retreating from a high of $5,113 per ounce to below $5,000. Regarding economic data, the U.S. January ISM Services PMI was 53.8, indicating continued expansion in the service sector. However, according to the ADP report, private sector employment growth slowed, adding only 22,000 jobs. Quinn Thompson, Chief Investment Officer at Lekker Capital, noted a trend of employment weakness in manufacturing, professional and business services, and among large employers, and believes the market is underestimating the potential scale of stimulus measures the Federal Reserve might introduce in 2026. (CoinDesk)