Bitcoin’s price dipped hard on Thursday to a low of $83,757 as the crypto market experienced a sell-off sparked by investor fears around AI spending.

The biggest and oldest cryptocurrency was recently priced slightly higher at $83,788 after dropping over 6% over a 24-hour period, according to CoinGecko. Over the past week, it has dropped by 6% and is down year-to-date.

Ethereum also took a hit and was trading for nearly $2,792 — a 24-hour dip of more than 7%. While other major coins and tokens such as XRP and Solana also experienced similar daily drops.

The crypto sell-off came as big tech stocks dipped on news that Microsoft earnings showed the software giant had reported record spending. Investors are worried that AI…