Bitcoin's price plummets below $70,000 as the crypto market undergoes a significant sell-off, mirroring a broader downturn in digital assets and metals. This comes as U.S. equity markets display resilience, with the Invesco QQQ ETF tracking the Nasdaq 100 index up 0.05% in pre-market trading. However, Bitcoin-exposed equities are experiencing sharp declines, with Strategy (MSTR) down over 5% and nearly 80% below its November 2024 peak. Other Bitcoin-related companies, including Strive (ASST) and Nakamoto (NAKA), are also down around 6%. The crypto exchange Coinbase (COIN) is down 2%, while its rival Bullish, the owner of CoinDesk, is down 0.4%. Bitcoin-linked AI miners show mixed results, with IREN down 3% and Cipher Mining down 2%, following steep declines on Wednesday. Larger miners like Riot (RIOT), MARA Holdings (MARA), and CleanSpark (CLSK) are all about 3% lower. The situation may improve if correlations hold, as the iShares Expanded Tech Software ETF (IGV) is slightly higher, an industry sector Bitcoin has historically tracked closely. Meanwhile, Google (GOOG) is down 3% despite beating profit forecasts, with higher capital expenditures announced.
