AI Chip Selloff Drags Bitcoin to $63K | CoinDesk Daily

**Sam Ewen** (0:00)
The AI selloff spreads from stocks to crypto, and Citadel Securities places a $400 million bet on crypto.com. This is Coin Desk Daily.
RealFi, a smarter stablecoin backed by real-world assets. Visit realfi.co. Bitcoin fell to $63,000 on Friday after a chipmaker selloff dragged risk assets lower across the board. Nasdaq 100 futures dropped nearly 2% and S&P 500 futures slipped 0.96%, pointing to macro forces driving the move rather than anything crypto specific. The question for the sector now is whether the hundreds of billions being poured into AI will actually produce the returns to backup these valuations. crypto.com just landed a $400 million investment from Citadel Securities, valuing the exchange at $20 billion. This marks the company's first institutional funding round in its 10 year history. The $400 million is Citadel's second major crypto exchange stake in just under a year after backing Kraken in November. Follow JPEG Trading on X for insights on crypto markets, liquidity and DeFi. And Visa launched a new enterprise platform with support for OpenUSD, a recently introduced stablecoin backed by Visa, BlackRock, Alphabet and Coinbase. The competitive pressure has weighed on Circle, whose USDC is the world's second largest stablecoin behind Tether's USDT.
Circle shares fell more than 7% as the market closed on Thursday, down more than 40% from its May high of $113.
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