Bitcoin falls below $63,000 as Asian chip selloff spreads

Bitcoin fell to its lowest level in ten days on Tuesday, July 28, 2026, as a sharp selloff in Asian technology stocks spread to U.S. markets, triggering a wave of liquidations in the cryptocurrency sector. The price of Bitcoin dropped below $63,000 for the first time since July 17, extending a broader risk-off move that saw major Asian equity indices plunge.

The downturn was led by semiconductor stocks, with South Korea's KOSPI Index closing the day down 10.8 percent. Chipmakers SK Hynix and Samsung each fell nearly 14 percent, while Japan's Kioxia Holdings dropped 18.3 percent. The weakness carried over to U.S. trading, where the tech-heavy Nasdaq Composite was down more than 1 percent. Semiconductor manufacturer Micron Technologies fell over 10 percent at the open, erasing a rebound to reach its lowest levels since May 22.

Analysts point to intensifying investor scrutiny over the sustainability of massive capital expenditure by major technology firms on artificial intelligence infrastructure. Combined 2026 spending guidance from Alphabet, Microsoft, Amazon, and Meta is tracking toward $725-$730 billion, with Wall Street projecting that figure could climb toward $900 billion in...