AI infrastructure-linked names such as HUT 8, IREN, and Cipher Mining also moved lower after AMD fell 14% following its fourth-quarter update.
What to know:
- Bitcoin dipped back under $74,000 as a fresh sell-off in technology stocks, especially software, dragged down risk appetite across crypto.
- Crypto miners tied to AI infrastructure—including Cipher Mining, IREN, and HUT 8—slid more than 10% after AMD dropped 14% on a softer-than-expected forecast.
- U.S. indicators sent mixed signals, yet one analyst said investors may be underestimating how much Fed stimulus could show up in 2026.
During the early part of the U.S. trading session, Bitcoin slipped below $74,000 again. The bounce seen after Tuesday’s lows faded quickly, because renewed weakness in tech stocks pressured the broader crypto market.
In equities, the Nasdaq 100 was down around 1% after losing 1.5% the prior day. The software space kept sliding, with the iShares Expanded Tech-Software ETF (IGV) falling another 4%. Over a little more than a week, the fund has dropped roughly 17%, as traders weigh how sharply AI could reshape the sector.
Mining stocks connected to AI infrastructure mirrored the move. Cipher Mining (CIFR), IREN, and HUT 8 (HUT) each fell more than 10%. The downturn intensified after AMD sank 14%, because its 2026 outlook missed what analysts were expecting.
Gold also came under selling pressure. After briefly surging overnight to $5,113 per ounce, it reversed and slipped back below $5,000.
U.S. economic data sends a mixed message
The ISM Services PMI for January held at 53.8, matching December’s revised level and landing slightly above forecasts. This still suggests the services side of the economy is expanding.
On the other hand, private hiring cooled sharply. The ADP report showed only 22,000 jobs added, far below estimates of 48,000 and weaker than December’s already low 37,000. The government’s January jobs report was expected this Friday, but a short government shutdown delayed it until next week.
