Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The downturns are occurring as the Nasdaq falls nearly 2%, driven by a selloff in Nvidia following its earnings report.
Bears regain control in crypto (Frederick Bass/Getty Images)
What to know:
- Bitcoin has retraced much of Wednesday’s gains during the morning trading hours in the U.S.
- The downturns are occurring alongside a 2% dip in the Nasdaq following Nvidia’s earnings.
- Notably performing well in the crypto space is Circle Financial (CRCL), which has increased by approximately 40% since its earnings report on Wednesday morning.
Related Posts
Crypto markets are experiencing a decline during the early hours of Thursday in the U.S., quickly reversing the strong gains from the previous day.
Just below $67,000, bitcoin has decreased by over 4% after reaching $70,000 late on Wednesday. Ether (ETH) and solana (SOL) are experiencing comparable declines.
The selloff coincides with a 2% drop in the Nasdaq following Nvidia’s (NVDA) earnings announcement from the prior evening. While Nvidia’s performance did not disappoint, investors are selling following the stock’s significant rise leading up to the earnings announcement. NVDA has fallen by 4.8%, with related companies such as Broadcom (AVGO), Micron (MU), and Intel (INTC) also seeing sharp declines.
Interestingly, software stocks are performing well today, with the Software Sector ETF (IGV) up more than 2%. Bitcoin’s correlation with this volatile group has been well noted, but to the dismay of BTC supporters, they seem to only move in tandem when IGV declines.
A review of stock performance shows Coinbase (COIN) down 1%, Strategy (MSTR) down 2.3%, and Galaxy Digital (GLXY) down 3%. In contrast, stablecoin issuer Circle Financial (CRCL) is up an additional 3.3% today, bringing its two-day post-earnings increase to approximately 40%.
