Cryptocurrencies retreated during U.S. morning trading on Thursday, quickly giving back the prior session’s gains as pressure mounted in the tech sector.
Bitcoin slid below $67,000, dropping more than 4% after briefly reclaiming the $70,000 level late Wednesday. Ether and solana mirrored the move, posting comparable losses as risk appetite faded.
The weakness coincided with a nearly 2% decline in the Nasdaq Composite, driven by post-earnings selling in Nvidia. While Nvidia’s results were not widely viewed as disappointing, investors appeared to lock in profits following the stock’s substantial pre-earnings rally. Nvidia shares fell 4.8%, dragging down other semiconductor names including Broadcom, Micron Technology, and Intel, all of which traded sharply lower.
In contrast, software stocks moved higher. The iShares Expanded Tech-Software Sector ETF (IGV) advanced more than 2%, marking a notable divergence within the broader tech space. Bitcoin’s correlation with software equities has been closely tracked, though the relationship often appears more pronounced during market downturns.
Crypto-related equities were also under pressure. Shares of Coinbase declined 1%, MicroStrategy fell 2.3%, and Galaxy Digital dropped 3%.
One standout was Circle, which gained another 3.3% on the day. The stock has now climbed roughly 40% over the two sessions following its earnings release
