Bitcoin slipped below $71,000 during Asian hours on February 5, extending losses as a global selloff in technology stocks weighed on risk assets. The cryptocurrency fell as much as 7.5% over 24 hours, briefly touching lows near $70,700 before stabilizing, according to market data.
The decline followed sharp losses in Asian and US equities, particularly among technology shares exposed to artificial intelligence investment themes. Investors have grown cautious amid signs of slowing earnings growth, stretched valuations, and concerns that AI spending may be nearing a peak. Weakness in Asian markets was compounded by earlier losses in the Nasdaq, reinforcing a broader risk-off shift.
Bitcoin’s move mirrored declines across other high-volatility assets, including sharp drops in silver and gold. Market participants noted that thin liquidity and elevated macro uncertainty have amplified price swings, underscoring bitcoin’s continued behavior as a high-beta asset rather than a defensive hedge in periods of equity market stress.
