And sharp selloffs shake gold and silver.
Bitcoin slipped back near last week’s low around $65,000, wiping out almost all the gains it made above $70,000. The drop came as tech stocks weakened again, pulling crypto down with them and pushing BTC back to about $65,400.
Bitcoin dropped about 2% in the last 24 hours, and both Ether and Solana followed the same trend, posting similar losses during the same period.
The move matched what happened in the Nasdaq, which slid 2% on Wednesday, with even sharper weakness in software stocks. The iShares Expanded Tech Software ETF IGV dropped 3% on the day and is now down 21% so far this year, as investors grow uneasy about high valuations while AI tools keep getting better at coding at a rapid pace.
“Software shares are under pressure once again today,” macro strategist Jim Bianco said. “IGV has pretty much returned to the panic levels we saw last week.”
He also pointed out that crypto is another form of software, calling it “programmable money,” and said both markets are closely connected and moving in similar ways.
Precious metals were not spared either. After holding on to small gains for most of the day, both gold and silver suddenly dropped hard in the afternoon. By late trading, silver had plunged 10.3% to $75.08 an ounce, while gold was down 3.1% to $4,938.