The cryptocurrency Bitcoin fell below $90,000 in early trading on Thursday, in a further sign of market unease as technology stocks were affected by concerns over artificial intelligence earnings.
Risk appetite declined after Oracle's earnings and revenue forecasts fell short of analysts' estimates, and executives pointed to increased spending – an indication that AI infrastructure expenditures are not generating returns as quickly as investors had hoped.
Bitcoin fell 2.5 percent to $90,056.24 in recent trading, while Ether dropped 4.3 percent to $3,196.62, giving up gains from the past two days and continuing the decline that began in Wednesday's US trading session after the Federal Reserve (the US central bank) cut interest rates.
Tony Sycamore, a market analyst at IG in Sydney, said, What we saw last night was that while risk assets were doing well, cryptocurrencies didn't really care.
He added that the cryptocurrency sector needs to see more convincing evidence that the sell-off we saw on October 10 is over.
