Bitcoin Falls 35% in 24 Hours as U.S. Tech and Private Equity Retreat
Bitcoin fell 35% over the past 24 hours, trading near $65,400 around noon Eastern Time on Monday as broader risk markets turned sharply lower. U.S. equities weakened, with the S&P 500 and Nasdaq 100 each down more than 1%; the iShares Expanded Tech-Software ETF (IGV) sank 5% to a fresh 52-week low and is now down nearly 35% since October, while private equity shares extended losses. Blackstone (BX), Ares Management (ARES), and Apollo Global Management (APO) dropped between 6% and 8%, and Blue Owl Capital (OWL) fell 3.5% Monday and 32% year-to-date; uncertainty over global tariffs after the Supreme Court clamped down on President Trump's sweeping levies helped spark a risk-off tone, with investors pulling back from crypto and bitcoin acting like a high-beta risk play rather than "digital gold", Joel Kruger of LMAX Group said in a note.