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Key Takeaways
- Ether, XRP and Dogecoin fell harder than Bitcoin, posting weekly losses of up to 9.8% as Apple’s AI-driven price hikes rattled global tech stocks and risk appetite
- Bitcoin dipped near $58,000 before recovering to around $59,888, with analyst Gabe Selby identifying $55,000 as key support and $61,000-$62,000 as the range bulls need to reclaim
- Large holders selling into thin demand and capital rotating into AI plays are compounding macro pressure on crypto markets, according to CF Benchmarks
Ether, XRP and Dogecoin fell harder than Bitcoin on Friday as a renewed rout in technology stocks dragged risk assets lower worldwide, pushing several major altcoins to weekly losses exceeding 8%. Bitcoin dipped near $58,000 before recovering, but the broader market found little support as the selloff continued.
Altcoins Take the Steepest Losses
Ether dropped 5.6% over 24 hours to about $1,555, the sharpest 24-hour fall among large-cap tokens, and is down 7.9% on the week. XRP fell 4.9% to $1.03 for an 8.5% weekly loss. Dogecoin slid 3.8% to $0.074 and is down 9.8% over seven days. Solana held up better at $68, off 1.2% on the week.
Hyperliquid’s HYPE fell 5.4%. Tron was the lone gainer, up 0.4%. Bitcoin traded around $59,888, down 2.7% on the day and 4.5% on the week after touching near $58,000 earlier in the session.
Apple’s Price Hikes Rattled Global Markets
The pressure came from outside crypto. Apple shares fell 6.1% on Thursday after the company raised prices across its Mac and iPad lines, citing an AI-driven memory chip shortage. The move stoked fears that rising component costs will slow the memory chip rally underpinning the broader AI trade.
South Korea’s Kospi tumbled as much as 9% on Friday, triggering its second trading halt of the week, as chipmakers Samsung Electronics and SK Hynix each fell more than 10% at one point. Nasdaq 100 futures fell 1.5%.
Brent crude slipped toward $74 a barrel after briefly spiking above $75 on Thursday, when Iran’s Islamic Revolutionary Guard Corps struck the Ever Lovely, a Singapore-flagged container ship near the Omani coast, halting the IMO’s planned evacuation of vessels stranded in the Persian Gulf.
Large Holders Selling Into Thin Demand
Crypto-specific selling added to the macro pressure. Part of Bitcoin’s pullback reflects large holders selling into a market with thin demand, said Gabe Selby, head of research at CF Benchmarks.
Selby said much of the new capital and investor attention has moved into AI plays, leaving crypto competing for a smaller share of overall risk appetite. He attributed the decline to broad market conditions rather than crypto-specific structural problems.
CF Benchmarks Analyst Identifies Price Levels to Monitor
Selby sees the current zone as historically significant for Bitcoin. He said:
“Bitcoin has pulled back into the $50,000 to $60,000 zone today, and if history is any guide, this is where buyers step in.”
He pointed to $55,000 as the support level to watch below and $61,000 to $62,000 as the range bulls need to reclaim. Selby identified $55,000 as the key downside level and $61,000 to $62,000 as the range needed to reverse the week’s losses. Bitcoin ended the week leaning on a zone it has held for nearly two years, while major altcoins posted steeper declines across the same period.
