Bitcoin’s very modest rebound from its steep overnight selloff quickly fizzled out during U.S. morning trading on Monday as broader risk markets turned sharply lower.
Trading at $65,400 near the noon hour on the east coast, bitcoin was down 35% over the past 24 hours.
The action occurred as U.S. equities tumbled. The S&P 500 and the tech-heavy Nasdaq 100 were each lower by more than 1%, led by renewed weakness in software stocks and private-equity names.
The iShares Expanded Tech-Software ETF (IGV) sank another 5% to a fresh 52-week low and is now down nearly 35% since October amid concerns that generative AI tools could disrupt traditional software business models. Whether true or not, current market thinking is that crypto…
