Nasdaq Rout Sends Bitcoin to $58K, Fear Index at 13

Wall Street's AI spending reckoning hit crypto before the recovery could stabilize. The Nasdaq dropped 2% in a single session. The semiconductor index cratered nearly 8%. Bitcoin touched $58K before bouncing to near $60K, down 5.8% over the past seven days, CoinGecko data show.

The catalyst is a question that's been hanging over big tech for months: where are the profits from all that AI infrastructure spending? Investors are repricing risk, and when that happens, crypto sits at the far end of the sell-first list. Institutional money that treated Bitcoin as a leveraged tech bet is pulling back.

Ethereum took a harder hit on a relative basis, slipping below $1,600. Solana was a rare bright spot, up 7.1% over 24 hours, though that outperformance likely reflects liquidation dynamics and positioning snapbacks rather than any shift in fundamentals. XRP hung around $1.04, barely moving.

The Crypto Fear & Greed Index, tracked by Alternative.me, sits at 13. That's Extreme Fear territory, barely above last week's 14. Readings below 25 historically coincide with capitulation-level sentiment, but