Bitcoin slid greater than 2% to $67,000 on Tuesday, reflecting broader threat aversion throughout markets as Wall Road reopened after the Presidents’ Day vacation.
Abstract
- Tech and crypto stay underneath stress, whereas defensives are blended, with selective energy rising in activist-driven and journey names.
- Bitcoin has fallen about 29% over the previous month, sparking debate over whether or not the downturn is nearing a backside or has additional to run.
- “I imagine that bitcoin has already capitulated with that huge transfer from 100k-> 60k,” one analyst says.
Crypto weak spot coincided with renewed stress on know-how and software program shares, the place traders continued to grapple with the potential for AI-driven disruption. The Nasdaq-100 underperformed, slipping 0.3%, whereas the iShares Expanded Tech-Software program Sector ETF dropped greater than 2.7% in noon New York buying and selling. The software-focused fund has now declined in 11 of the previous 15 classes, pushing its year-to-date losses to just about 25%.
Broader fairness indices had been largely flat, masking sharp divergences beneath the floor. Monetary shares rebounded after weeks of weak spot, whereas shopper staples lagged.
Journey Tickers
Journey-linked shares stood out as a pocket of energy. Norwegian Cruise Line Holdings surged 11% after Elliott Funding Administration disclosed a stake exceeding 10% and signaled plans to push for strategic adjustments following the cruise operator’s extended underperformance.
Friends rallied in sympathy, with Carnival Corp. rising about 4% and Royal Caribbean Group gaining 3%.
In journey and leisure, Airbnb Inc. added 3.7%, extending momentum from final week’s earnings report. Southwest Airways Co. jumped greater than 6% following a wave of analyst upgrades from Susquehanna and UBS.
However what about Bitcoin?
The highest cryptocurrency has fallen about 29% over the previous month, sparking debate over whether or not the downturn is nearing a backside or has additional to run.
Dealer Altcoin Sherpa pointed to previous cycles for comparability, noting that each the 2017–2018 and 2021–2022 bear markets noticed steep 75–85% drawdowns and took roughly a yr from all-time excessive to remaining backside. Every cycle ended with a pointy capitulation occasion — together with the 2018 plunge from $6,000 to $3,000 and the 2022 crash tied to FTX — adopted by a number of months of accumulation.
Nevertheless, Sherpa argues the present cycle might differ. The 2024–2025 rally was slower and extra consolidation-heavy than prior vertical surges, and structural components akin to spot ETFs, decreased speculative extra, stronger assist within the $50,000–$70,000 vary, and already-flushed altcoin froth may shorten the bear market timeline, doubtlessly avoiding a full 365-day decline.
“I imagine that bitcoin has already capitulated with that huge transfer from 100k-> 60k,” Sherpa says. “I imagine we are actually within the ACCUMULATION section of the cycle. Accumulation can final anyplace from a number of weeks to a number of months.”
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