Bitcoin rebound fades as software and private equity rout drags stocks and crypto lower

Crypto has been nearly perfectly correlated with a key software sector ETF, and that gauge has tumbled another 5% Monday to a new 52-week low. What to know : Bitcoin slipped back to $65,400 during U.S. trading Monday after it failed to hold a modest overnight rebound. U.S. stocks were sharply lower, with the embattled software sector — of late perfectly correlated with crypto — down another 5% and private-equity shares continuing to plunge. Bitcoin is acting like a "high-beta risk play," not "digital gold" as investors pull back from speculative assets, LMAX strategist said.