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Global crypto markets came under pressure on Thursday as Bitcoin briefly dipped below the crucial $90,000 mark. The decline mirrors the broader market’s reaction to fresh concerns over artificial intelligence-related profits, which rattled tech stocks and weakened investor sentiment worldwide.
The sell off began after Oracle’s disappointing profit and revenue outlook, which signaled that heavy AI infrastructure spending is not generating profits as fast as expected. The mood deteriorated further following the U.S. Federal Reserve’s recent interest rate cut, which failed to lift risk assets in the crypto sector.
Crypto Market Update
Bitcoin dropped 2.5% to $90,056, while Ether slid 4.3% to $3,196, wiping out gains from the previous two sessions. Asian markets also weakened, with global futures pointing to lower openings in Europe and the U.S.
Market analyst Tony Sycamore of IG noted that crypto still appears fragile:
“Even though risk assets were doing well, crypto didn’t really want to know about it… The crypto space needs stronger evidence that the washout from the October 10 selloff is over, and right now it doesn’t look like it is.”
In another blow to market expectations, Standard Chartered cut its Bitcoin forecast for 2025, now expecting a peak of $100,000 instead of $200,000.
Geoff Kendrick, the bank’s global head of digital assets research, explained:
“We think buying by Bitcoin digital asset treasury companies is likely over. Future price increases will now rely mainly on ETF inflows.”
