Bitcoin slips under $67,000, swiftly erasing Wednesday’s rally.

Crypto prices turned sharply lower during U.S. morning trading Thursday, erasing much of the previous session’s rally as risk assets weakened across the board.

Bitcoin slid back beneath $67,000, falling more than 4% after briefly touching $70,000 late Wednesday. Ether and solana mirrored the move, each posting comparable pullbacks as momentum faded.

The retreat coincided with a nearly 2% drop in the tech-heavy Nasdaq Composite, pressured by a post-earnings decline in Nvidia. Although Nvidia’s results did not materially disappoint, investors appeared to “sell the news” following the stock’s strong run-up into the report. Shares of Nvidia fell 4.8%, dragging down other chipmakers including Broadcom, Micron Technology, and Intel, all of which traded sharply lower.

In contrast, software stocks outperformed. The iShares Expanded Tech-Software Sector ETF (IGV) climbed more than 2% on the day. Bitcoin’s correlation with the software sector has been widely observed, though traders note the relationship often appears strongest during downside moves.

Crypto-linked equities also traded lower. Shares of Coinbase slipped 1%, MicroStrategy declined 2.3%, and Galaxy Digital fell 3%.

An exception was Circle, the issuer of USDC, which gained another 3.3% on Thursday. The stock has now advanced roughly 40% over the two sessions following its earnings report.