Crypto markets are in retreat during U.S. morning hours on Thursday, rapidly reversing yesterday’s strong gains.
Just under $67,000, bitcoin has pulled back more than 4% after touching $70,000 late on Wednesday. Ether (ETH) and solana (SOL) are showing similar declines.
The selloff comes alongside a 2% decline in the Nasdaq following Nvidia’s (NVDA) earnings last night. While Nvidia didn’t disappoint, investors are selling the news after the stock’s sizable run higher into the earnings event. NVDA is lower by 4.8%, with related names like Broadcom (AVGO), Micron (MU) and Intel (INTC) also sharply lower.
Curiously, the software names are nicely higher today, with the Software Sector ETF (IGV) ahead more than 2%. Bitcoin’s correlation with this embattled group has been well documented, but to BTC bulls’ chagrin, they apparently only move together when IGV heads lower.
A check of stocks finds Coinbase (COIN) down 1%, Strategy (MSTR) down 2.3%, and Galaxy Digital (GLXY) down 3%. Outperforming is stablecoin issuer Circle Financial (CRCL), up another 3.3% today, and bringing its two-day post-earnings advance to about 40%.