Crypto markets retreated in the US morning hours on Thursday, quickly reversing yesterday’s strong gains.
Just under $67,000, bitcoin has retreated more than 4% after touching $70,000 late Wednesday. Ether (ETH) and solana (SOL) show similar declines.
The sale comes alongside a 2% drop in the Nasdaq after Nvidia’s (NVDA) earnings last night. While Nvidia didn’t disappoint, investors are selling the news after the stock’s significant run higher heading into the earnings event. NVDA is down 4.8%, with related names like Broadcom ( AVGO ), Micron ( MU ) and Intel ( INTC ) also significantly lower.
Oddly enough, software names are nicely higher today, with the Software Sector ETF (IGV) ahead by more than 2%. Bitcoin’s correlation with this embattled group is well-documented, but to the chagrin of BTC bulls, they only seem to move together when IGV crashes.
A check of stocks shows that Coinbase (COIN) is down 1%, Strategy (MSTR) is down 2.3%, and Galaxy Digital (GLXY) is down 3%. Stablecoin issuer Circle Financial ( CRCL ) is outperforming 3.3% today, bringing its two-day post-earnings gain to around 40%.
