Bitcoin Slides as Tech Stocks and Precious Metals Drop Sharply
The close connection between cryptocurrencies and the software sector reasserted itself on Wednesday, sending bitcoin (BTC $70,086.22) back toward last week’s lows. After briefly topping $70,000, bitcoin has now retraced most of its gains, trading near $65,000.
Bitcoin fell roughly 2% over 24 hours, while ether (ETH $2,093.00) and solana (SOL $86.67) followed similar downward trends.
The retreat mirrored losses in the Nasdaq, which fell 2% on the day. The software-heavy iShares Expanded Tech-Software Sector ETF (IGV) led the declines with a 3% drop, pushing its year-to-date loss to 21% as investors question high valuations amid rapidly improving AI capabilities.
“Software stocks are struggling again today. IGV is essentially back to last week’s panic lows,” said macro strategist Jim Bianco. “Don’t forget there’s another type of software, ‘programmable money’ — crypto. They are the same thing.”
Gold and silver also saw sharp afternoon declines, with silver plummeting 10.3% to $75.08 per ounce and gold falling 3.1% to $4,938, erasing earlier modest gains.
About The Author
More Stories
Coinbase misses fourth-quarter forecasts with trading revenue slipping below $1 billion.
STRC returns to the $100 mark, positioning Strategy for further Bitcoin purchases.
Bitcoin logged its biggest realized loss ever during last week’s rout, with bottoming signals now building.