Bitcoin has demonstrated notable stability, holding firm near the $65,000 mark, even as the artificial intelligence (AI) technology sector experienced a substantial selloff amounting to approximately $800 billion. The cryptocurrency's minimal fluctuation, a fall of less than 1%, contrasts sharply with the broader tech market's turmoil, signaling a potential weakening of their historical correlation.
The downturn in the technology sector, notably impacting the 'Magnificent Seven' — a group of influential tech stocks — marked their most significant single-day loss since April 2025. This rout was primarily driven by investor apprehension surrounding AI spending, with companies like Alphabet and Tesla reportedly spooking market participants. Alphabet, in particular, faced a dual challenge with both its stock and 'century bond' experiencing a sell-off, the latter dropping below 90% of its par value, according to Moomoo.
AI Sector Faces Billions in Losses
Reports from multiple outlets, including Bitget and Pluang, highlighted the scale of the AI sector's market value erosion, estimated to be between $767 billion and $797 billion, rounding to an $800 billion figure. This widespread selloff affected shares across Asia and led to the MAGS ETF, which tracks the Magnificent Seven, heading for its largest single-day loss this year, as reported by Stocktwits. A Wall Street analyst, cited by BeInCrypto, suggested that the AI spending arms race is currently only at 15% after the Tesla and Google selloff.
The 'Magnificent Seven' stocks collectively erased approximately $797 billion in market value, marking their worst day since April 2025.
Despite the broader tech downturn, Bitcoin's resilience has been attributed by some to improving spot trading volumes and enhanced Bitcoin Exchange-Traded Fund (ETF) flows. This positive momentum in the crypto market occurred even as Brent oil prices reportedly surpassed $100 per barrel, further underscoring Bitcoin's ability to chart its own course amidst diverse global market pressures.
Mining Stocks See AI-Driven Shift
Interestingly, while Bitcoin itself experienced a slight slump, some Bitcoin mining stocks recorded gains. This unexpected performance is attributed to new AI deals and the strategic shift of some miners towards AI infrastructure, leveraging their substantial computing power. This development, noted by Bitcoin Magazine and The Cryptonomist, suggests a new avenue for growth and diversification within the crypto mining industry, even as other reports from CoinMarketCap indicate that Bitcoin miners have recently offloaded 15,000 BTC, likely due to squeezed margins.
However, the sustained upward trajectory for Bitcoin is not universally guaranteed. While it has bounced back to $65,000, some market observers, like Moomoo, caution that this rebound might not be long-lasting. Meanwhile, minor cryptocurrencies like dogecoin led the majors lower within the crypto market during this period of tech turbulence.
The current market dynamics also saw other notable events, though seemingly unrelated to the primary tech selloff. Eli Lilly and Company (LLY) shares dove on an analyst downgrade citing obesity market overestimation concerns, which retail investors largely dismissed as 'absurd,' according to Stocktwits. Separately, the odds of passing the Clarity Act in the crypto market reportedly fell, contributing to Bitcoin's slide on July 23, as highlighted by The Motley Fool and The Globe and Mail.
Market Snapshot
| Asset | Price | 24h | Market Cap |
|---|---|---|---|
 Bitcoin BTC | $65,745 | -0.40% | $1318.9B |
 Ethereum ETH | $1,903 | -1.80% | $229.7B |
 BNB BNB | $570.57 | -0.20% | $76.0B |
 XRP XRP | $1.12 | -1.90% | $69.9B |
 Solana SOL | $76.26 | -2.20% | $44.4B |
 Dogecoin DOGE | $0.0700 | -4.40% | $10.9B |
 Cardano ADA | $0.168 | -4.10% | $6.3B |
Live data: CoinGecko — 2026-07-24 07:20 UTC
