Bitcoin A pullback to last week’s lows gave up almost all recent gains above $70,000 and resumed the slide amid weakness in the broader tech sector, as the cryptocurrency is now back around $65,000.
Bitcoin down 2% in past 24 hours, led by Ethereum and Solana Track roughly.
The decline mirrored the broader price action of the Nasdaq, which fell 2% on Wednesday, particularly in the software sector, with the iShares Expanded Tech-Software Sector ETF (IGV) down 3%.
“Software stocks are in trouble again today,” macro strategist Jim Bianco wrote. “IGV is essentially back to last week’s panic lows.”
“Don’t forget that there is another type of software, ‘programmable money,’ which is cryptocurrency,” Bianco added. “They’re the same thing.”
Precious metals are not immune
Gold and silver traded modestly higher for much of the day, but quickly plunged in the mid-afternoon. In late trading, silver fell 10.3% to $75.08 an ounce, and gold fell 3.1% to $4,938 an ounce.
