Crypto slides as tech stocks and gold retreat; bitcoin-Nasdaq correlation turns positive

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto slides as tech stocks and gold retreat; bitcoin-Nasdaq correlation turns positive Bitcoin falls to $68,000 as tech-led risk-off move deepens, gold extends correction and memecoins lead altcoin losses amid BTC dominance range. By Oliver Knight , Omkar Godbole Feb 17, 2026, 11:31 a.m. Make us preferred on Google Bitcoin (TheDigitalArtist/Pixabay, modified by CoinDesk) What to know : Bitcoin is down 1.25% to $68,000, tracking weakness in Nasdaq futures and a 2.4% drop in gold as risk sentiment sours. BTC’s correlation with the Nasdaq has swung from -0.68 to +0.72 since Feb. 3, underscoring tighter ties to tech stocks. Memecoins PEPE, DOGE and TRUMP led altcoin losses, while MORPHO and ZEC outperformed over the past week. The crypto market continued to exhibit weakness on Tuesday morning, broadly following a tech selloff across U.S. equities and a correction in the price of precious metals. Bitcoin trades at $68,000, down 1.25% since midnight UTC, while Nasdaq futures and gold lost 0.55% and 2.4% respectively over the same period. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Altcoins also lost ground as popular memecoins PEPE, DOGE and TRUMP led the drawdown, losing between 3.5% and 4.5%. The tech selloff has been driven by fears around artificial intelligence and how it might disrupt several industries. Bitcoin has been closely tied to Nasdaq since Feb. 3, with the correlation coefficient indicator rising from negative 0.68 to positive 0.72 over the past two weeks. Gold, meanwhile, is currently trading at $4,928 after failing to establish a level of support above $5,000. The precious metal hit a record high of $5,600 on Jan. 28 before a historic 21.5% correction over the subsequent four days. Derivatives positioning Crypto futures continue to see capital outflows. The cumulative industry wide notional open interest has declined by 1.5% to $93 billion in 24 hours, reaching fresh multi-month lows. Leveraged bets worth $229 billion have been liquidated by exchanges over 24 hours, with longs (bullish plays) accounting for most of the tally. Open interest in DOGE futures has declined by 4%, leading the trend in most majors. PEPE, LINK and AVAX have seen 3% to 5% declines in open interest. Open interest in futures tied to HYPE, the recent outperformer, has cooled to 44.45 million HYPE, the lowest since early December. This likely reflects profit-taking after the token outpeformed bitcoin and other majors during the recent crash. The market panic has ebbed, as evidenced from the sharp pullback in bitcoin and ether's implied volatility indices from monthly highs. On Deribit, bitcoin and ether puts continue to trade pricier than calls, indicating lingering downside fears, however, the positioning is now longer as defensive as it was two weeks ago. Token talk Altcoins continue to track bitcoin on as the "bitcoin dominance" metric has now ranged between 57.4% and 60.1% since September. Over the past seven days AI token MORPHO has posted a 23.5% gain, while privacy coin zcash ZEC $ 285.09 is up by 19% over the same period. Conversely, layer 1 blockchain token layer zero (ZRO) has lost 16% over the past week as it continues to lose momentum after announcing a deal to collaborate with Citadel Securities and DTCC. The relative weakness of several altcoins continues to persist on lower time frames, with HYPE, SUI and ASTER all losing between 3% and 4.8% since midnight UTC as the crypto market awaits a bullish catalyst. Crypto Markets Today Derivatives More For You Bitcoin remains under pressure near $68,000 even as panic ebbs By Omkar Godbole 1 hour ago Key derivatives metrics and ETF flows suggest lack of demand, but macro forces offer hope. What to know : BTC's implied volatility has pulled back sharply from Feb. 6 highs, a sign market panic has ebbed. Key derivatives metrics and ETF flows suggest lack of demand. Macro factors and inflation-adjusted yields offer hope to bulls. Read full story Latest Crypto News Bitcoin remains under pressure near $68,000 even as panic ebbs 1 hour ago Popular burger joint Steak ’n Shake says bitcoin adoption boosted sales ‘dramatically’ 2 hours ago UK crypto rules too slow to support global hub ambitions, says Agant CEO 3 hours ago DeFi protocol ZeroLend shuts down after three years, citing inactive chains and hacks 4 hours ago BofA survey flags dollar bearish bets at over a decade high. 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