Cryptocurrencies slumped on Thursday, with bitcoin dropping back below $90,000 as renewed market anxiety and doubts about AI-related profits pressured tech stocks.
Sentiment worsened after U.S. cloud provider Oracle reported weaker-than-expected profit and revenue guidance and warned of rising expenses—fueling concerns that investments in AI infrastructure are not translating into returns as quickly as investors anticipated. Bitcoin slid 2.5% to $90,056, while ether fell 4.3% to $3,196, wiping out gains from the previous two sessions. The weakness followed a downturn in U.S. trading on Wednesday after the Federal Reserve cut interest rates.
Asian equities declined, and futures signaled lower openings in both Europe and the U.S.
IG market analyst Tony Sycamore said crypto markets are still lacking proof that the selloff triggered on October 10 has fully run its course. “Crypto didn’t really participate in the broader risk rally last night,” he noted.
Adding to the downbeat mood, Standard Chartered on Tuesday halved its bitcoin price forecast for end-2025—from $200,000 to $100,000. The bank’s digital assets head Geoff Kendrick said corporate treasury buying of bitcoin has largely ended, leaving ETFs as the main driver of any future price gains.
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