Bitcoin price news: BTC tumbles back to $64,000 as IBM becomes latest AI target

CoinDesk

by Stephen Alpher

February 23, 2026

AI-Generated Deep Dive Summary

Bitcoin prices dropped sharply as fears over artificial intelligence (AI) disruptions sent IBM shares plunging 11%. The decline was fueled by a recent announcement from AI company Anthropic, which revealed that its Claude platform can streamline COBOL code—a critical component of IBM's business. COBOL, a decades-old programming language, underpins many financial systems and processes, including ATM transactions and banking operations. With the retirement of experienced COBOL developers and a lack of new talent to replace them, Anthropic's tool could automate the modernization process, reducing reliance on expensive consultants. The AI breakthrough hit IBM hard, causing its stock to drop significantly toward the market close. This followed broader declines in crypto prices, which were already under pressure due to ongoing concerns about AI's impact on traditional industries. Bitcoin fell 5% over the past 24 hours, dropping to $64,000, while ether (ETH) and solana (SOL) saw similar losses. Meanwhile, major tech indexes like the Dow, S&P 500, and Nasdaq also declined by more than 1%, reflecting a widespread market nervousness. The crypto sector's struggles were not universal, however. Bitcoin mining companies that have diversified into AI infrastructure saw their stocks rise. IREN, Cipher Mining, CleanSpark, and Hut 8 all posted gains, with IREN leading the pack at 5%. Precious metals also gained traction, with gold rising 3.2% to $5,243 per ounce and silver climbing 6.5% to $87.69. These moves suggest a shift in investor sentiment toward resilience amid market volatility. The situation underscores the growing interplay between AI advancements and traditional industries, particularly in finance. IBM's decline highlights the risks posed by automation tools like Claude Code, which could disrupt established business models and reduce demand for human expertise. For crypto enthusiasts, the story serves as a reminder of both the vulnerabilities and opportunities presented by rapid technological change. While AI-driven innovations may threaten legacy systems, they also open doors for new applications and industries to emerge in the digital economy.

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Originally published on CoinDesk on 2/23/2026