Bitcoin Slides Below $82,000 as AI Market Doubts Resurface

Bitcoin traded below $82,000 during Friday's Asia session as doubts regarding the artificial intelligence sector returned to financial markets. The cryptocurrency struggled to rebound after losing more than 3% on Thursday. During the decline, the price briefly dropped below $81,000, reaching a low of $80,840 on the Bitstamp exchange. The CoinDesk 80 index lost 3.5% during this period of market weakness.

AI infrastructure spending emerged as a persistent concern for investors. CoreWeave stock slid to 17-month lows, down 15.5% week to date at the end of Thursday's US trading session. A price target downgrade by Bernstein from $74 to $51 contributed to the pressure on the stock. Nvidia CEO Jensen Huang noted a scarcity of capital impacting neocloud buildouts. QCP Capital stated that elevated financing costs will constrain the pace of AI infrastructure buildout.

The market downturn resulted in substantial financial losses for traders. Cross-crypto liquidations totaled $336 million over 24 hours to noon UTC, with $281 million of those being long positions. US spot Bitcoin ETFs saw net outflows of $635 million on Thursday, marking the largest single-day drawdown since late June. Bitcoin ETF outflows hit the same $635 million figure during the period.

Bitcoin price volatility cooled as stock markets battled resurgent AI fears. The asset ranged below $82,000 into Friday's Wall Street open. BTC/USD stabilized after shedding 3.2% on Thursday. The market remains focused on the impact of AI sector developments on broader crypto assets.