bitcoin fell back towards last week’s lows, giving up almost all of its recent gains above $70,000 and resuming its slide alongside weakness in the broader technology sector, as the cryptocurrency now trades back around $65,000.
Bitcoin fell 2% in the last 24 hours, with losses in ether and sunny approximate tracking.
The drop mirrored overall price action on the Nasdaq, which fell 2% on Wednesday and more particularly in the software sector, where the iShares Expanded Tech-Software Sector ETF (IGV) plunged 3%. IGV is down 21% year to date as investors question the sector’s expensive multiples in a world where the coding capabilities of AI agents appear to be increasing exponentially.
“Software stocks are struggling again today,” wrote macro strategist Jim Bianco. “IGV is essentially back to last week’s panic lows.”
“Don’t forget that there is another type of software, ‘programmable money’, cryptocurrencies,” Bianco added. “They are the same.”
Precious metals are not immune
With modest gains for most of the day, gold and silver suffered rapid and sharp declines 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.
