Market Update

Crypto and Equities Retreat

Bitcoin’s (BTC) early-week momentum lost steam following Thursday’s U.S. market open. The leading cryptocurrency slipped by nearly 2% over the last day, bringing its price down to $71,400.

This cooling period mirrors a broader downturn in the stock market, largely fueled by escalating tensions in the Iran conflict. With no immediate resolution in sight, energy prices have surged, pushing crude oil up 5.3% to $78.70 per barrel.

Software Sector Provides a Cushion

While most indices struggled, the Nasdaq showed more resilience, dipping only slightly. This was primarily due to a significant rally in the software industry, which had previously been underperforming.

Specifically, the iShares Expanded Tech-Software Sector ETF (IGV) climbed 2% on the day, marking an impressive 9% recovery over the last five trading days.