Bitcoin slipped below $90,000 on Thursday, signaling renewed market caution as fresh worries over artificial intelligence profits weighed on technology stocks.
Other major cryptocurrencies also suffered losses. Bitcoin was last down 2.5% at $90,056.24, while ether fell 4.3% to $3,196.62, erasing gains from the past two days and extending weakness that began during Wednesday’s US trading session following the Federal Reserve’s interest rate cut.
Investors reacted to signs that AI-related spending may not be generating profits as quickly as anticipated. US executives highlighted rising costs after cloud firm Oracle’s profit and revenue outlook fell short of forecasts, raising concerns about the pace of returns on AI infrastructure investments.
Adding to the bearish sentiment, Standard Chartered on Tuesday cut its Bitcoin price forecast for the end of 2025. The bank reduced its previous prediction of $200,000 to $100,000.
