Although not directly related to BTC, tech stocks and cryptocurrencies tend to be heavily correlated. Hence, MSFT’s 12% drop could have triggered a risk-off move across multiple markets.
The market seems to be worried that Microsoft’s cloud unit is heavily dependent on billings to OpenAI, a company that recently pivoted from a for-profit venture to a public-interest institution.
BTC’s volume spiked by 40% to 60 billion, currently accounting for 4% of the token’s market cap. Meanwhile, top altcoins like Ethereum (ETH), Solana (SOL), and XRP (XRP) are experiencing much worse losses, ranging from 7% to 8%.
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