Bitcoin Slips to Around $62,000 Amid AI Trade Corrections

Bitcoin falls to $62,715 during Asian trading hours on June 5, 2026, marking a decline of 1.9% for the day and 14.5% over the week. This downtrend reflects a broader pullback in the artificial intelligence (AI) market that has driven global risk assets throughout 2026. Major cryptocurrencies are also experiencing losses, with Ether dropping 4.8% to $1,696 and Solana decreasing 5.4% to $66.51, resulting in substantial weekly losses of more than 15% and 18.5%, respectively.

The decline in cryptocurrency prices is largely influenced by external factors. Recently published earnings and forecasts from semiconductor company Broadcom fell short of expectations, contributing to a downward trend in equity markets, particularly affecting the Nasdaq index which has seen declines for three consecutive days. Concurrently, Asian equity markets also responded negatively, with the Korean KOSPI plunging 4.7% and MSCI's Asia-Pacific equities barometer dropping 1.4%.

On the cryptocurrency front, capital outflows from U.S. spot bitcoin ETFs have reached 13 consecutive sessions totaling around $4.4 billion since mid-May. Additionally, a notable sale of 32 bitcoin by Strategy, disclosed as its first in since 2022, has further pressured the market by stripping away a once-reliable source of support. "The path of least resistance for both stocks and crypto is the one they’re already on," analysts note, indicating a grim outlook for the immediate future.

The upcoming U.S. nonfarm payrolls report is viewed as a critical indicator that may impact future price trajectories. Analysts suggest that a weak jobs report could lead to lower real yields and rekindle interest in the AI trade, potentially lifting both equities and cryptocurrencies. Conversely, a strong report may exacerbate the current downward trend.