Bitcoin and other major cryptocurrencies moved lower on Friday as a selloff in AI and semiconductor stocks spread across risk markets. Bitcoin held up better than most large-cap crypto assets but still slipped toward $63,000 while Ether, Solana and HYPE recorded deeper losses. The latest trigger was Moonshot AI’s Kimi K3. The 2.8-trillion-parameter model climbed from 18th to first on Arena’s frontend coding leaderboard, scoring 1,679 and leading six of seven categories. Still, this was a specific coding test rather than an across-the-board victory over Anthropic and OpenAI. K3 uses a mixture-of-experts design that activates only 16 of its 896 experts and supports a one-million-token context window. Moonshot says the full model weights will be released by July 27, potentially giving developers a lower-cost, self-hosted alternative. For Bitcoin, the pressure appears to be coming from broader market sentiment rather than an onchain event. The reaction also shows how closely crypto is now trading with the AI investment cycle. That connection matters for Bitcoin miners that have expanded into AI data centers although it is still too early to know whether cheaper open models will actually reduce infrastructure demand.