Bitcoin has continued to fall, and this Sunday, August 4, it broke below the $60,000 zone. This week alone, the price of BTC has dropped more than 13%, reaching $59,300 at the time of writing this article.
The reasons behind this fall are varied. However, specialists point to the collapse that technology companies are experiencing as a catalyst for this movement. An example of this is Intel, one of the largest chip manufacturers on the planet, whose shares this week fell by 30% and would have generated a chain reaction.
Intel reported a $1.6 billion loss and announced the layoff of 15,000 employees. Its shares fell, dragging down other technology companies, such as Samsung and TMSC, the world's leading chipmaker.
According to Forbes, companies have made large capital investments in companies in the field of artificial intelligence development. However, not having a clear path towards profitability has ended up producing disappointing results, causing the general decline of the hardware market.
Companies like NVIDIA, AMD, Qualcomm and Broadcom are suffering the worst decline in more than a decade. Remember that Bitcoin is also related to the hardware market through mining. TMSC, for example, is the supplier of mining chips for companies like Bitmain.
Mow contrasts BTC with the tech stock market, which saw more than $3 billion liquidated this week.
Despite the drop of more than 13%, some analysts believe this move does not take Bitcoin out of its bull run. Market specialist Michaël van de Poppe points out that it is nothing more than a consolidation, before new highs, taking into account that Bitcoin's market capitalization remains on an upward trend.
At the moment, with the tech market in decline, Bitcoin seems to be showing that it will follow the path of this industry, due to the close relationship that Bitcoin has with this sector. If we add the negative flow of ETFs, which have been commanding price actions in recent months, the trend seems clearer.
