Bitcoin price news: BTC slips toward $65,000 amid U.S. stock rout

CoinDesk

by Krisztian Sandor

February 23, 2026

AI-Generated Deep Dive Summary

Bitcoin's price dropped toward $65,000 as broader U.S. stock markets experienced a significant downturn, with tech stocks and private equity leading the decline. This movement reflects a growing correlation between Bitcoin and the iShares Expanded Tech-Software ETF (IGV), which has fallen nearly 35% since October due to concerns about generative AI disrupting traditional software business models. Investors are treating crypto as a high-beta asset tied closely to broader market risk sentiment, with Bitcoin's price mirroring the tech sector's struggles. The S&P 500 and Nasdaq 100 indices both fell more than 1%, driven by weakness in software stocks and private-equity firms. Companies like Blackstone (BX), Ares Management (ARES), and Apollo Global Management (APO) saw significant losses, ranging from 6% to 8%. This bearish trend has been exacerbated by fears that AI could trigger a major credit event similar to the 2008 financial crisis, further undermining confidence in risk assets. Bitcoin's recent rebound was short-lived, with its price dropping nearly 35% over the past 24 hours. The cryptocurrency is now trading within a

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Originally published on CoinDesk on 2/23/2026