Bitcoin Holds Below $62K as Capital Rotates to AI and SpaceX IPO
Bitcoin is trading around $61,800-$62,400 on Wednesday, failing to reclaim $62,000 amid a broad market shift. The Nasdaq fell further as anticipation for SpaceX's $80 billion IPO and massive AI capital raises (Oracle's $40 billion, Google's $85 billion) drain liquidity from crypto. Strategy CEO Phong Le denied selling bitcoin for dividends, citing tax-loss harvesting and process testing. Jim Cramer called bitcoin and gold 'bad money' being liquidated for SpaceX. US core CPI rose 0.2% in May (vs 0.3% expected), briefly lifting bitcoin above $62,300, but gains faded. Gold dropped 4.2% to $4,109. Bitcoin miners pivoted to AI data centers were hit hardest, falling 5-7%. Fold Holdings doubled after selling bitcoin at $71k to pay down debt. BlackRock disclosed a 0.65% fee for its Bitcoin Premium Income ETF (BITA). Geopolitical tensions with Iran boosted oil but had limited impact on crypto. Bitcoin shows low correlation with equities and gold.
Key facts
- Bitcoin at $61,800-$62,400, flat over 24h; Nasdaq down 1.8% on Wednesday
- Oracle announces $40B AI capex; Google $85B raise; SpaceX $80B IPO this week
- Strategy CEO says bitcoin sale unrelated to dividends, cites tax-loss harvesting
- Jim Cramer calls bitcoin 'bad money' being liquidated for SpaceX IPO
- Fold doubles after selling $45M bitcoin to repay debt; still holds meaningful BTC