Crypto markets are in retreat during 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) are showing similar declines.
The selloff comes alongside a 2% drop in the Nasdaq following Nvidia’s (NVDA) earnings last night. While Nvidia didn’t disappoint, investors are selling the news after the stock’s considerable rally on the earnings event. NVDA is down 4.8%, and related names like Broadcom (AVGO), Micron (MU), and Intel (INTC) are also down sharply.
Interestingly, software names are well ahead today, with the Software Sector ETF (IGV) ahead more than 2%. Bitcoin’s correlation with this warring group has been well documented, but much to the chagrin of BTC bulls, they apparently only move together when IGV goes down.
A review of the stock finds 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, up another 3.3% today and lifting its two-day post-earnings advance to around 40%.
