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Bitcoin (BTC) retreated toward last week’s lows, surrendering most of its recent rally above $70,000 as broader weakness in the technology sector pressured both traditional and digital assets. The leading cryptocurrency is now trading near $65,000, marking a 2% decline over the past 24 hours and extending its recent pullback.
The downturn in the crypto market closely mirrored losses in U.S. equities, particularly the Nasdaq Composite, which fell 2% on Wednesday. Technology shares were hit hardest, with the iShares Expanded Tech-Software Sector ETF (IGV) tumbling 3% in a single session. The ETF is now down 21% year to date, reflecting growing investor concerns over high software valuations and the rapid rise of artificial intelligence technologies that could disrupt the sector.
Ethereum (ETH) and Solana (SOL) tracked Bitcoin’s losses, with both major altcoins also posting declines as risk appetite weakened across global markets. The synchronized drop underscores the increasing correlation between cryptocurrency prices and tech stocks, especially during periods of macroeconomic uncertainty.
Market analysts noted that “programmable money,” often used to describe crypto assets, is increasingly viewed as part of the broader software ecosystem. As software stocks struggle amid shifting expectations around AI-driven innovation, digital assets appear to be facing similar sentiment-driven pressure.
Precious metals were also affected by volatility. Gold and silver, which had shown modest gains earlier in the day, experienced sharp intraday reversals. Silver plunged more than 10% to $75.08 per ounce, while gold fell 3.1% to $4,938, highlighting turbulence across asset classes.
With Bitcoin’s price action remaining closely tied to movements in the Nasdaq and the broader tech sector, traders are watching whether $65,000 will hold as a key support level or if further downside could test recent panic lows.
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