Bitcoin fell below $74,000 in early US trading, weighed down by weakness in tech stocks. The Nasdaq 100 fell 1%, and the iShares Expanded Tech-Software ETF (IGV) has fallen 17% over the past week due to market concerns about the disruptive impact of AI. Shares of crypto mining companies related to AI infrastructure development also declined, with Cipher Mining (CIFR), IREN, and Hut 8 (HUT) all falling more than 10%. This decline stemmed from chipmaker AMD's 2026 earnings outlook falling short of analysts' expectations, causing its stock price to drop 14%. Gold also experienced a sell-off, with prices falling below $5,000 per ounce from a high of $5,113. On the economic data front, the US ISM Services PMI for January was 53.8, indicating continued expansion in the service sector. However, according to the ADP report, private sector job growth slowed, adding only 22,000 jobs. Quinn Thompson, Chief Information Officer at Lekker Capital, stated that employment is weakening in manufacturing, professional and business services, and large employers, and believes the market is underestimating the scale of stimulus measures the Federal Reserve may introduce in 2026. (CoinDesk)