Recently, while technology stocks are being sold off, bitcoin has only experienced a slight recovery.

During the recent global tech stock sell-off, Bitcoin only slightly rebounded after hitting a 12-day low on Tuesday. Analysts at IG stated in a report that as the market expects the Federal Reserve to raise interest rates in the coming months, financial conditions are tightening, along with concerns about debt financing in the field of artificial intelligence, putting pressure on tech stocks. Data from the London Stock Exchange Group shows that, driven by last week's Fed meeting and recent strong data, the market currently reflects a 90% probability of a rate hike in September. After falling to a low of $61,921 on Tuesday, Bitcoin rose by 0.5% to $62,686. Since hitting a 20-month low of $59,125 on June 5, Bitcoin has struggled to achieve meaningful gains and has been trading within a narrow range.