This article first appeared on GuruFocus.

Bitcoin (BTC-USD) came under fresh pressure as a broader tech-stock selloff weighed on risk assets and dragged crypto lower. The original cryptocurrency fell as much as 3.9% to $61,877, marking its lowest level since June 11, before paring part of the decline to trade around $62,300 during New York trading hours. Other major tokens also moved lower, with Ether dropping as much as 5.6%, Solana falling as much as 6.4%, and XRP slipping as much as 3.3%.

The move followed a sharp pullback in technology shares that began Monday in the US, as concerns around heavy artificial-intelligence spending returned to the market. The Nasdaq 100 sank as much as 3.4%, while selling pressure was even…