Crypto markets are on the decline Thursday morning in the United States, quickly reversing yesterday’s strong gains.
Just under $67,000, Bitcoin fell more than 4% after hitting $70,000 Wednesday evening. Ether (ETH) and solana (SOL) are showing similar declines.
This sell-off comes alongside a 2% drop in the Nasdaq following Nvidia’s (NVDA) earnings last night. Although Nvidia did not disappoint, investors are selling the news after the stock rose significantly ahead of the earnings event. NVDA is down 4.8%, with similar names like Broadcom (AVGO), Micron (MU) and Intel (INTC) also down sharply.
Oddly enough, software names are much higher today, with the Software Sector ETF (IGV) ahead by more than 2%. Bitcoin’s correlation with this struggling group has been well documented, but to the chagrin of BTC bulls, they apparently only move when IGV drops.
A check of stocks finds Coinbase (COIN) down 1%, Strategy (MSTR) down 2.3%, and Galaxy Digital (GLXY) down 3%. Stablecoin issuer Circle Financial (CRCL) outperformed, up another 3.3% today and extending its two-day post-earnings lead to around 40%.
