Tech selloff drags Bitcoin below $63,000 as Ethereum and Solana take harder hits

The day's driver was a sharp selloff in US tech stocks that spilled into crypto. When large-cap tech names fall hard, crypto tends to follow — institutional portfolios that hold both asset classes often reduce risk across the board simultaneously, and Bitcoin has traded with a meaningful correlation to the Nasdaq in recent years. The steeper losses in Ethereum (-5.5%), Solana (-6.6%), Hyperliquid (-6.7%), and Zcash (-6.4%) compared to Bitcoin (-2.7%) reflect a familiar pattern: when sentiment sours, capital tends to retreat toward the largest and most liquid asset first, leaving smaller names to absorb proportionally larger losses. BTC dominance at 56.2% reflects that dynamic — Bitcoin is holding a larger share of a shrinking pie. One data point worth noting: the Fear & Greed index has dropped to 23, which sits firmly in Fear territory. Some analysts cited by CoinDesk are reading this as a contrarian signal — historically, extreme fear readings have sometimes preceded recoveries rather than further declines. That said, the same session also saw an "altcoin season" signal flash, which was immediately overshadowed by Bitcoin's slide. A SpaceX valuation drop equivalent to roughly half of Bitcoin's total market cap in three days added to the macro pressure, underscoring how large-scale moves in adjacent risk assets can ripple into crypto pricing.

• –The US Senate passed a housing bill that includes a four-year ban on the Federal Reserve developing a retail CBDC (central bank digital currency — a government-issued digital dollar), a provision that crypto advocates have generally supported as a check on state-issued digital money.
• –An "altcoin season" indicator — which tracks whether a majority of the top 50 altcoins are outperforming Bitcoin over a rolling period — flashed a signal today, though the broader market decline made it difficult to see any rotation in practice.
• –SpaceX's private valuation fell by roughly $600 billion over three days, a drop equivalent to nearly half of Bitcoin's entire market cap, illustrating how large moves in high-profile private tech companies can weigh on risk appetite across asset classes.