Crypto and Commodities: A Dance of Despair and Digital Disappointment!

by

Markets

What to know:

  • Ah, Bitcoin! It has gracefully pirouetted back into the embrace of last week’s melancholic lows, a mere $65,000 now kissing its digital form.
  • This delightful debacle in the realm of digital assets is but a reflection of a broader malaise within the tech sector, particularly among those soft, cuddly software stocks that Bitcoin seems to adore.
  • As for gold and silver, they too have joined this tragicomic ballet, plummeting and soaring with all the grace of a drunken swan. Silver, a once modest performer, has decided to dive headfirst into a 10% decline.

Bitcoin has taken a nostalgic journey back to last week’s lows, relinquishing nearly all its recent triumphs above the ethereal $70,000 mark, as it recommences its waltz alongside the faltering tech sector, resting comfortably at $65,000.

In the past 24 hours, our dear Bitcoin has stumbled by a quaint 2%, accompanied on its fall by ether and solana, who are never ones to miss out on a tragic tale.

Such a decline mirrors the grand spectacle of the Nasdaq, which gracefully dipped 2% on Wednesday, particularly in the software section, where the iShares Expanded Tech-Software Sector ETF (IGV) took a spectacular tumble of 3%. The IGV, dear reader, is now down a staggering 21% year-to-date as investors ponder the lofty valuations in a world where artificial intelligence appears to be mastering the art of coding faster than one can say ‘algorithm.’

“Software stocks are struggling again today,” lamented macro strategist Jim Bianco, echoing the sentiments of many. “IGV is essentially back to last week’s panic lows.”

“Let us not forget another intriguing variant of software: ‘programmable money,’ a.k.a. crypto,” Bianco quipped. “They are, after all, two sides of the same coin.”

Precious metals not immune

Gold and silver, having enjoyed a brief moment of gaiety, quickly succumbed to their own dramatic declines in the mid-afternoon. By day’s end, silver was reclining at a dismal 10.3% lower, languishing at $75.08 per ounce, while gold descended gracefully by 3.1%, settling at a mere $4,938.

Read More

2026-02-13 00:20