Bitcoin Falls Below $75K as Miners Shift to AI

Bitcoin fell below $75,000 on Wednesday after failing to clear resistance near $78,000, ending a roughly two-month period of close correlation with equity markets. The Nasdaq 100 reached a record high the same day, and the Russell 2000 also hit a record.

Several publicly traded bitcoin miners reduced on‑chain BTC reserves and redirected capital into high‑performance computing projects tied to artificial intelligence. TeraWulf announced plans to add a 1‑gigawatt HPC facility in Kentucky.

On‑chain tracking showed Trump Media & Technology Group moved 2,650 BTC to an exchange address on Friday. The company had accumulated 11,542 BTC at a reported cost basis above $118,500.

Two congressional bills that industry participants have highlighted remain unresolved. The Digital Asset PARITY Act, introduced in May, would exempt mining and staking rewards from taxation until the assets are sold; it has not been scheduled for hearings or votes. The Digital Asset Market CLARITY Act, which would establish a market‑structure framework for digital assets and assign oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission, awaits a full Senate floor vote with no date set.

The Federal Reserve’s total assets have remained near $6.7 trillion since mid‑April, and there has been no renewed expansion of the central bank’s balance sheet in recent weeks.

Demand for AI‑related stocks has driven substantial equity gains. Memory chipmakers SK Hynix and Micron each surpassed $1 trillion in market value for the first time, and several technology companies posted double‑digit weekly gains.

Traders and market participants cited miner reserve reductions, large transfers to exchanges and the stalled legislative agenda as factors weighing on crypto market sentiment.