Bitcoin breaks below $70,000 as losses deepen across crypto ahead of the U.S. market open.

A mood of “extreme fear” continues to grip crypto and metals markets, even as U.S. equities show relative resilience ahead of a busy earnings calendar.

Bitcoin fell below the $70,000 mark as selling pressure intensified before the U.S. equity market opened. The largest cryptocurrency dropped to an intraday low near $69,917, according to CoinDesk data, pushing market sentiment deeper into bearish territory. The Crypto Fear and Greed Index now sits at 11 — a level reached only a handful of times historically.

The downturn has remained largely concentrated in digital assets and precious metals. Gold slid more than 1% to below $4,900 per ounce, while silver tumbled over 11%, falling to under $79 per ounce.

U.S. equities, by contrast, showed signs of stability in pre-market trading. The Invesco QQQ ETF, which tracks the Nasdaq 100, was modestly higher, up around 0.05%, highlighting continued resilience in large-cap technology stocks.

Bitcoin-linked equities, however, extended their declines. Strategy (MSTR), the largest publicly traded corporate holder of bitcoin, fell more than 5% and is now trading nearly 80% below its November 2024 all-time high, ahead of its fourth-quarter earnings report due later Thursday. Other bitcoin treasury companies, including Strive (ASST) and Nakamoto (NAKA), were down roughly 6%.

Crypto-related stocks also remained under pressure. Coinbase (COIN) slipped another 2%, while Bullish, the owner of CoinDesk, declined about 0.4%. Shares of bitcoin-focused AI miners were mixed: IREN (IREN) fell 3% and Cipher Mining (CIFR) dropped 2%, following steep losses of around 15% in the previous session. Larger miners with sizable bitcoin holdings, including Riot Platforms (RIOT), MARA Holdings (MARA), and CleanSpark (CLSK), were each down roughly 3%.

Some investors see scope for stabilization if historical correlations hold. The iShares Expanded Tech Software ETF (IGV), a sector bitcoin has often tracked closely, edged slightly higher. Still, pressure persisted in parts of big tech. Alphabet (GOOG) fell 3% despite beating fourth-quarter profit expectations, after announcing higher capital expenditures of $185 billion, up from $175 billion, with projected spending of about $119.5 billion.