Editor’s Note
Bitcoin has retreated to approximately $65,000, nearly erasing its post-crash rebound gains, highlighting the market’s continued volatility.
Market Overview
Bitcoin (BTC) has nearly erased all gains from its rebound following last week’s market crash, briefly falling back to around $65,000 (around $66,300 as of 8:40 AM JST on the 13th).
Sector Correlation
The decline in cryptocurrencies has moved in tandem with a broader sell-off in the technology sector. Notably, software-related stocks, which have a high correlation with Bitcoin, were heavily sold.
Precious Metals Plunge
Gold and silver also plummeted in the afternoon. Silver, in particular, reversed its initial modest gains and plunged by 10%.