Bitcoin Dips Below $90,000 Over AI Worries

Bitcoin fell below $90,000 on Thursday, renewing signs of market worries as fresh jitters about artificial intelligence profits impacted technology stocks.

Other cryptocurrencies also tumbled in value.

Bitcoin was last down 2.5% at $90,056.24, while ether tumbled 4.3% to $3,196.62, erasing the past two days of gains, and extending weakness that began in the U.S. trading session on Wednesday after the Federal Reserve cut interest rates.

READ ALSO: US Fed Makes Third Straight Rate Cut

U.S. executives flagged higher spending after cloud firm Oracle’s profit and revenue outlook missed forecasts – a sign AI infrastructure outlays are not turning profits as quickly as investors had hoped.

Standard Chartered on Tuesday slashed its expectations that Bitcoin would hit $200,000 by the end of 2025, lowering its forecast to $100,000.