After hitting new all-time highs earlier in the week, bitcoin prices briefly dipped below $70,000.
On Tuesday, the property nearly broke the record high of $73,737. It then trades sideways before the dip on Thursday.
In the last 24 hours, the world's largest crypto has dropped 2.8% to $70,300. CoinGecko shows data.
It comes as traders sold off equities, with the Nasdaq and S&P 500 suffering their worst day in a month after tech giants Meta and Microsoft said they would spend more to meet growing AI demand.
Bitcoin and the broader crypto market have traded close to tech and large cap stocks this year.
Among the top 10 cryptos, Ethereum fell 5.3% to $2,500. Meanwhile, Dogecoin stood second, down 4.4% to $0.16 following a significant rally earlier in the week.
The decline also comes as the race for the White House intensifies: Kamala Harris was narrowly ahead of Donald Trump on Thursday, according to a new SSRS poll conducted by CNN.
Former President Trump has emerged as a pro-crypto candidate in recent months, while Vice President Harris, by contrast, has spoken extensively on crypto regulation and blockchain technology.
In any case, JP Morgan analysts said on Thursday that if Trump wins next week, Bitcoin will have higher momentum.
Edited by Sebastian Sinclair.
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