Bitcoin fell back towards last week’s lows, giving up almost all of its recent gains above $70,000 and resuming its decline alongside weakness in the broader tech sector as the crypto now trades back around $65,000.
Bitcoin is down 2% over the last 24 hours, with losses in Ether and solana roughly tracking.
The decline reflected a broad price movement in the Nasdaq, which fell 2% on Wednesday, and more specifically 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 expensive multiples in a world where the coding capabilities of artificial intelligence agents appear to be increasing exponentially.
“Software stocks are struggling again today,” wrote macro strategist Jim Bianco. “The IGV is essentially back to last week’s panic clave.”
“Don’t forget there is another type of software, ‘programmable money,’ crypto,” Bianco added. “They are the same.”
Precious metals are not immune
Cruising along with modest progress through most of the day, Gold and Silver suffered rapid, steep dives by mid-afternoon. Late in the session, silver was down 10.3% at $75.08 an ounce, and gold was down 3.1% at $4,938.
