Cryptocurrency markets fell during the morning hours in the United States on Thursday, quickly reversing yesterday’s strong gains.
Just under $67,000, bitcoin fell more than 4% after hitting $70,000 late Wednesday. Ether (ETH) and Solana (SOL) show similar declines.
The selling comes in conjunction with a 2% drop in the Nasdaq following Nvidia‘s (NVDA) results last night. While Nvidia didn’t disappoint, investors are selling on the news following the stock’s notable rally ahead of the earnings event. NVDA is down 4.8%, with related names like Broadcom (AVGO), Micron (MU), and Intel (INTC) also falling sharply.
Interestingly, software names are up sharply today, with the Software Sector ETF (IGV) up more than 2%. Bitcoin‘s correlation with this troubled group has been well documented, but despite BTC bulls, they seemingly only move together when IGV drops.
A check of stocks finds Coinbase (COIN) down 1%, Strategy (MSTR) down 2.3%, and Galaxy Digital (GLXY) down 3%. Standing out on the rise is stablecoin issuer Circle Financial (CRCL), rising a further 3.3% today, bringing its two-day post-earnings advance to around 40%.
