U.S. stocks have given up early futures gains, with the Nasdaq turning down 0.6% shortly after the open on Friday. This weakness in equities is dragging down the crypto market.
Intel (INTC) was up more than 10% last night following its Q2 earnings, but has now reversed to a 4% decline. Similarly, Micron is down 6% and SanDisk is off by 7%, signaling a broad tech pullback.
The sell-off in AI momentum stocks is spilling over into cryptocurrencies. Bitcoin nearly touched $66,000 just hours ago but has since slid to $63,900, a drop of almost 2% over the past 24 hours. Ether (ETH) is down 3% in the same period.
This market action comes as investors digest recent tech earnings and reassess risk appetite. The correlation between crypto and tech stocks remains strong, with both sectors facing headwinds from macroeconomic uncertainty and profit-taking.
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