Bitcoin (CRYPTO: BTC) fell 4% in a single day, slipping below $72,000 as inflation concerns, hawkish Federal Reserve commentary and uncertainty surrounding AI investments weighed on crypto markets.

Speaking on Schwab Network's Crypto Corner, crypto strategist Jim Feroli said Bitcoin has recovered more than 30% from its earlier lows, technically entering a new bull market. The catch? Without a strong new crypto-specific catalyst, Bitcoin has become increasingly sensitive to macroeconomic developments.

Feroli distinguished between two types of market uncertainty. First, known unknowns: scheduled events such as inflation reports, Fed meetings and elections, where the timing is known but the outcome remains uncertain. Second, unknown unknowns: unexpected shocks, including exchange hacks, that can trigger sudden selling.

Here's the interesting part. Feroli said Bitcoin's volatility-adjusted reactions to scheduled economic events have generally been smaller than those of traditional assets such as stocks, currencies and oil. In contrast, a recent exchange hack initially sent Bitcoin down 5%, but selling eased as customer reimbursements and asset freezes became clearer.

Could Slower AI Spending Help Bitcoin Miners?

Feroli said uncertainty around AI spending could push Bitcoin miners toward a more balanced business model. Bitcoin mining companies have increasingly redirected computing infrastructure toward AI services, where demand and potential returns have been attractive. Some miners have sold Bitcoin to fund AI expansion, but slower investment could shift their priorities.

He suggested miners could use infrastructure for AI inference during peak demand and switch to Bitcoin mining during quieter periods. Such an approach could improve data center utilization while preserving revenue opportunities from Bitcoin mining.