Bitcoin Slips Toward $103K; Miners Tumble on AI Trade Cooling, SoftBank's Nvidia Exit

Why It Matters

The pullback underscores the fragility of the AI‑driven crypto‑mining rally and could curb speculative inflows into digital assets, while SoftBank’s Nvidia exit signals shifting sentiment in AI‑hardware exposure. Combined with deteriorating labor‑market data, the moves may pressure risk assets and influence monetary‑policy expectations.

Summary

Bitcoin slipped back below $104,000 on Tuesday, erasing a brief rally that had pushed it above $107,000. The decline dragged down major crypto miners such as CleanSpark, Hut 8, Core Scientific, TeraWulf and Bitdeer, which posted double‑digit losses amid weakening AI‑infrastructure earnings and development delays. SoftBank sold its entire $5.8 billion Nvidia stake, contributing to a 3.5% drop in Nvidia shares and broader tech market weakness. ADP data showed private‑sector job cuts averaging 11,250 per week, raising expectations of a Fed rate cut.