Bitcoin fell back toward last week’s lows, giving up almost all of its recent gains above $70,000 and resuming its fall alongside weakness in the broader tech sector, as the crypto now trades around $65,000.
Bitcoin down 2% in the last 24 hours, with losses on ether and Solana followed roughly.
This drop reflects the general price action of the Nasdaq, which fell 2% on Wednesday and more particularly in the software sector, where the iShares Expanded Tech-Software Sector ETF (IGV) fell 3%. IGV is now down 21% year to date as investors question the sector’s high multiples in a world where the coding capabilities of artificial intelligence agents appear to be increasing exponentially.
“Software stocks are in trouble again today,” wrote macro strategist Jim Bianco. “IGV is essentially back to last week’s panic levels.”
“Remember, there is another type of software, ‘programmable currency,’ cryptography,” Bianco added. “It’s the same thing.”
Precious metals are not immune
Cruising along with modest gains for most of the day, gold and silver suffered rapid and steep falls by mid-afternoon. At the end of the session, silver was down 10.3% at $75.08 an ounce and gold was down 3.1% at $4,938.
