Crypto markets reversed course during U.S. morning trading on Thursday, surrendering much of Wednesday’s advance as technology stocks came under pressure.
Bitcoin dropped back below $67,000, shedding more than 4% after briefly climbing to $70,000 late in the previous session. Ether and solana followed suit, each recording similar percentage declines as broader risk sentiment deteriorated.
The weakness coincided with a roughly 2% slide in the tech-heavy Nasdaq Composite, driven by post-earnings selling in Nvidia. While Nvidia’s quarterly results did not materially disappoint, investors appeared to lock in profits after a 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.
Interestingly, software stocks diverged from the broader tech selloff. The iShares Expanded Tech-Software Sector ETF (IGV) rose more than 2%, highlighting a split within the sector. Bitcoin’s correlation with software equities has been widely discussed, though the relationship has often appeared more pronounced during downturns.
Crypto-related equities were mostly weaker. Coinbase slipped 1%, MicroStrategy fell 2.3%, and Galaxy Digital declined 3%.
One notable outperformer was Circle, which gained another 3.3% on the day. The stock has now rallied roughly 40% over the two sessions following its latest earnings release.
