Digital asset markets pulled back sharply during U.S. morning hours Thursday, unwinding much of the prior day’s rally as tech stocks came under renewed pressure.
Bitcoin fell back below $67,000, losing more than 4% after briefly touching $70,000 late Wednesday. Ether and solana posted similar declines, reflecting a broad cooling in risk appetite across crypto.
The downturn tracked a nearly 2% drop in the Nasdaq Composite, which was weighed down by a post-earnings slide in Nvidia. Although Nvidia’s quarterly results did not significantly miss expectations, investors appeared to take profits following the stock’s strong pre-earnings run. Nvidia shares fell 4.8%, pulling lower other chipmakers such as Broadcom, Micron Technology, and Intel, all of which traded decisively in the red.
In contrast, software stocks bucked the broader tech weakness. The iShares Expanded Tech-Software Sector ETF (IGV) climbed more than 2%, highlighting a divergence within the sector. Bitcoin’s correlation with software names has been well documented, though the relationship has often been more evident during periods of downside volatility.
Crypto-linked equities also weakened. Shares of Coinbase slipped 1%, MicroStrategy dropped 2.3%, and Galaxy Digital fell 3%.
Standing out on the upside was Circle, which added another 3.3% on Thursday. The stock has now advanced roughly 40% over the two sessions since its earnings report.
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