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.

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World’s largest cryptocurrency is at risk of ending the year with its first annual decline since 2022, after a series of record highs and crushing sell-offs. 

The world’s main stock benchmarks have also had a turbulent year, repeatedly hitting record peaks and then pulling back as worries over tariffs, interest rates, and a possible AI bubble whipsawed markets.

While equities are mostly up year-to-date, bitcoin’s overall correlation with share prices has strengthened markedly this year.

Analysts who spoke with Reuters said bitcoin’s gyrations increasingly tracked stock market sentiment as traditional retail and institutional investors jumped into cryptocurrencies, which next year may be even more closely tethered to factors driving stocks and other risk assets, such as monetary policy shifts and nervousness over the lofty valuations of AI-related stocks.

“Crypto reacting to broader equities has been a consistent theme in 2025,” said Jasper De Maere, desk strategist at crypto algorithmic trading firm Wintermute.

Bitcoin was hovering around $89,000 on Monday.

Most popular cryptocurrency tumbles after hitting all-time highs earlier this year.

After soaring earlier this year with the election of crypto-friendly U.S. President Donald Trump, cryptocurrencies – along with stocks – plummeted in April on his tariff announcements, but quickly rebounded. Bitcoin went on to hit an all-time peak above $126,000 in early October.

But just days later, on October 10, the market plunged again when Trump announced a new tariff on Chinese imports and threatened export controls on critical software. That sparked more than $19 billion worth of liquidations across leveraged crypto market positions, the largest liquidation in crypto history.

Bitcoin has struggled to regain its footing ever since and in November experienced its biggest monthly drop since mid-2021, although options market bearishness has ebbed a little in recent weeks, according to options platform Derive.xyz.

Traders as of late last week had assigned a 15% probability that bitcoin will finish the year below $80,000, compared with the 20% probability they had assigned just a few weeks ago.

That’s still a blow for crypto bulls, including Michael Saylor’s Strategy, the world’s biggest bitcoin hoarding company, which had projected as recently as October 30 that the token would hit $150,000 this year. Analysts at Standard Chartered last year forecast bitcoin would hit $200,000 by the end of 2025, due in part to flows into bitcoin exchange-traded funds.

In a change of tune, Strategy CEO Phong Le warned on a podcast last month of a possible “bitcoin winter.” In October, Standard Chartered forecast Bitcoin would fall below $100,000 but said that may be the last time it will hit that low, according to media reports.

Saylor, speaking to Reuters last week, said his company could survive a 95% fall in the price of bitcoin.

EQUITIES CORRELATION

Those April and October plunges highlighted the growing correlation between bitcoin and equities, and in particular, artificial intelligence stocks, which share similar attributes and have been hit by worries that valuations are in bubble territory.

Historically, bitcoin and stocks did not move in tandem because crypto was seen as an alternative investment. But with broader crypto adoption by traditional retail investors and some institutions, the correlation looks to be strengthening, analysts said.

Correlation is measured from -1 to 1, with figures above zero indicating a positive correlation. In 2025, the average correlation between bitcoin and the S&P 500 – which tracks a broad basket of companies – was 0.5, compared with an average correlation in 2024 of 0.29, LSEG data shows.

Bitcoin’s correlation with the S&P 500 on a one-month rolling basis has hovered above zero for most of 2025. Correlation is measured from -1 to 1, with anything above zero being positive.

For the tech-heavy NASDAQ 100 index, the average correlation this year was 0.52, compared with 0.23 in 2024, according to LSEG data.

Crypto has grown especially sensitive to AI stock moves partly because they have been drivers of broader equity markets, and partly because, like crypto, they are currently seen as somewhat speculative investments, largely dependent on investor sentiment and risk appetite, analysts said.

“Crypto (was) already a little weak after October 10,” said Cosmo Jiang, a general partner at Pantera Capital, a crypto investor. “Things really started to break in risk markets in the recent weeks, because of the AI bull case coming into question.”

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RATE CUT QUESTIONS

Like stocks, cryptocurrencies also appear increasingly sensitive to the path of interest rates. Fidelity research from last year found that, while there is little historical data to indicate that the price of bitcoin increases when the Federal Reserve cuts rates, some analysts have observed that crypto tends to rally in line with dovish signals from the central bank.

Analysts also point out that hawkish Fed signals from October onwards weighed on bitcoin. Since then, the release of fresh economic data has the market pricing an 86% chance of a 25-basis-point cut this week.

That rate decision, along with the outlook for AI stocks, will likely be a key driver for crypto prices in the near term, analysts said.

“The Fed’s support of monetary supply in this particular scenario is going to be an indicator that crypto is all looking at,” said Mo Shaikh, co-founder and general partner at Maximum Frequency Ventures.

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Bitcoin fell back below $90,000 on Monday, extending losses after its monthly sharp decline since the 2021 crypto crash.

Heading for its biggest one-day fall since early November and hovering near last month’s eight-month low of $80,553, the cryptocurrency dropped 5% to $86,627.

It shed more than $18,000 in November, its largest dollar loss since May 2021, when a number of cryptocurrencies collapsed.

On average, since its inception in 2012, bitcoin tends to rise by around 9.7% in December, ranking it third in terms of performance, with October being the strongest month, with an average gain of 16.6%, and with September, the weakest month, with an average loss of 3.5%.

Ether was down 6% at $2,840, having lost some 22% in value in November, the most since February’s 32% slide.

Since hitting a record of around $4.3 trillion in size, the entire crypto market has lost over $1 trillion in value, according to CoinGecko.

U.S.-listed exchange-traded funds backed by spot bitcoin witnessed record outflows of $3.43 billion in November, according to LSEG data. So far this year, a net $21 billion has flowed into these products.

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Stocks in Europe fell in early trading, while U.S. futures pointed to a drop of 0.6-0.7% for the major indices later on, and safe havens such as gold and the Swiss franc edged up.

Given its relatively short lifespan, there is not much in the way of seasonality to guide traders’ expectations for how bitcoin usually behaves in December.

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Despite being banned four years ago, Bitcoin mining is staging a comeback in China, as individual and corporate miners exploit cheap electricity and a data center boom in some energy-rich provinces, according to a Reuters report, quoting miners and industry data.

China had been the world’s biggest crypto mining country until Beijing banned all cryptocurrency trading and mining in 2021, citing threats to the country’s financial stability and energy conservation.

CryptoQuant estimated that 15%-20% of global bitcoin mining capacity currently operates in China.

After having seen its global bitcoin mining market share slump to zero as a result of the ban, China crept back to third place with a 14% share at the end of October, according to Hashrate Index, which tracks bitcoin mining activities.

The resurgence in bitcoin mining, which has also been corroborated by rig maker Canaan Inc.’s fast-rebounding sales in China, could act as a demand and price support for the world’s largest cryptocurrency.

China’s state planning body, the National Development and Reform Commission, which issued the ban in 2021, and the Xinjiang government did not reply to faxed Reuters requests for comment.

Beijing’s crackdown on the sector in 2021 led to miners shutting down local operations and  fleeing to overseas markets such as North America and Central Asia.

The rebound in bitcoin mining coincides with the digital asset hitting record highs in October on the back of U.S. President Donald Trump’s pro-crypto policies, and growing distrust toward the dollar, making crypto mining more rewarding.

The cryptocurrency, however, is down roughly a third from its October peak as global risk appetite wanes.

Bitcoin mining – the energy-intensive process of using specialised computers to solve complex puzzles to win bitcoins – is especially active in  power-abundant hinterlands such as Xinjiang, according to miners and rig makers.

Sichuan-based Duke Huang, who quit bitcoin mining a few years ago due to the Chinese regulatory ban, told Reuters that some of his friends have come back to the business recently.

“It’s a sensitive area … But people who get cheap electricity are still mining”, he said.

Besides higher bitcoin prices, a glut of electricity and computing power following over-investment in data centers by some cash-strapped Chinese local governments fuelled the rebound, said a source at a bitcoin mining rig maker, who did not want to be identified due to the sensitivity involved.

READ ALSO: SEC To Begin Capital Market T+2 Settlement Cycle Transition Friday

The trend is also captured by sales data from mining rig makers.

Canaan, the world’s second-biggest bitcoin mining machine maker, generated 30.3% of its global revenues in China last year, compared with 2.8% in 2022 in the aftermath of the crackdown, according to company filings.

China’s contribution to Canaan’s sales jumped further to more than 50% during the second quarter this year, according to a source with direct knowledge, who declined to be named as he is not authorised to speak to the media.

Canaan, which did not confirm the second-quarter sales breakdown, attributed its growing sales in China to this year’s U.S. tariff uncertainty that disrupted U.S. sales, rising bitcoin prices that make mining more profitable, and a subtle shift in China’s digital asset posture.

In an emailed statement to Reuters, the Singapore-based company said its activities remain fully compliant with Chinese regulations but refused to comment on mining policies in China.

“In China, the R&D, manufacturing, and sale of mining machines are permitted,” Canaan said.

The pickup in bitcoin mining in China comes amid signs that Beijing has softened its attitude toward digital coins. These were once seen as a challenge to China’s fiat currencies and abetting capital flight.

Hong Kong’s stablecoin bill, for example, took effect in August, enabling the Chinese city to compete with the U.S. in fostering a regulated market for fiat-currency-backed cryptocurrencies.

China was also considering allowing the use of yuan-backed stablecoins to boost the wider adoption of its currency globally and catch up with a U.S. push on stablecoins, Reuters reported in August, citing sources familiar with the matter.

“Bitcoin mining is still officially banned in China. However, there continues to be significant capacity operating,” said Julio Moreno, head of research at CryptoQuant, a blockchain data & analytics firm.

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The value of Bitcoin has fallen sharply since reaching record heights last month, briefly falling below $90,000 on Tuesday compared with above $126,000 at the start of October.

Below, AFP explains why investors are turning away from the volatile asset.

– What Has Caused The Latest Price Drop? –

Prior to the recent slump, bitcoin broke a series of record highs in the wake of Donald Trump’s return to the White House. The US president came out strongly in favour of cryptocurrencies before his re-election and has continued to do so.

Bitcoin first surpassed $100,000 in May before reaching its latest record of around $126,251 last month.

Support also came from expectations of an interest-rate cut from the Federal Reserve following weak US jobs data, which weighed on the dollar.

However, after Trump reignited fears of a trade war with China last month, investors sought safer assets over volatile cryptocurrencies.

Those who had bet on Bitcoin continuing to rise lost heavy amounts.

According to Rachael Lucas, a crypto analyst at BTC Market, $20 billion of Bitcoin trades were liquidated.

– Why Is Bitcoin’s Price Falling? –

Bitcoin lost one quarter of its value between striking the early October record and falling under $90,000 on Tuesday.

Other cryptocurrencies declined Tuesday, including Dogecoin, the speculative digital token promoted by Elon Musk.

All assets perceived as less safe, such as stocks, are taking a hit on financial markets after the longest US government shutdown on record prevented the release of key economic data.

Such figures are deemed key to understanding how much further the Fed could cut interest rates in the coming months to boost the economy.

At the same time, some Fed officials have indicated that a cut may not occur at the US central bank’s next monetary policy meeting in December.

This has boosted the dollar, while hitting stock markets and Bitcoin.

“Renewed expectations from the market for a rate cut in December on the back of some favourable economic data could quickly cause (bitcoin and other) prices to reverse and rally again very quickly,” Simon Peters of brokers eToro told AFP.

READ ALSO: Bitcoin Drops Below $90,000 As Investors Cut Risks

– Where Does Bitcoin Go From Here? –

John Plassard, head of investment strategy at private bank Cite Gestion, said the current “disenchantment reflects a deeper reality” — that individuals have been left feeling “wary” by previous price plunges, particularly of cryptocurrencies viewed even more speculative than bitcoin.

According to Thomas Probst of crypto data analysts Kaiko, the sector’s volatility remains “an obstacle” to cryptocurrencies’ “widespread adoption at both the individual and institutional levels”.

At the same time, cryptocurrencies have benefited from the growing interest of institutions and the openness of regulators — and not only in the United States.

The European Union has established its own framework with the MiCA regulation that entered into force at the end of last year.

London is expected to propose its own rules sometime in 2026.

Created following the 2008 global financial crisis, Bitcoin initially promoted a libertarian ideal and aspired to overthrow traditional monetary and financial institutions, such as central banks.

The founding white paper, published on October 31, 2008, was penned by Satoshi Nakamoto, a pseudonym whose identity remains unknown.

AFP

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Bitcoin slipped below $90,000 for the first time in seven months on Tuesday in the latest sign that investor appetite for risk-taking is drying up across financial markets.

The risk-sensitive cryptocurrency has erased 2025 gains and is now down nearly 30% from a peak above $126,000 in October. It traded down 2% at $89,953 in the Asia afternoon, having collapsed through chart support around $98,000 last week, Reuters reports.

Market participants said a combination of doubts around future U.S. interest rate cuts and the mood in broader markets, which have wobbled after a long rally, was dragging down crypto.

Crypto stockpilers such as Strategy, miners such as Riot Platforms and Mara Holdings, and exchange Coinbase have all slid with the souring mood.

READ ALSO: Bitcoin Falls Nearly 2% To $93,684

Markets were down across Asia on Tuesday, with particular pressure on technology shares in Japan and South Korea.

Cryptocurrency Ether has also been under pressure for months and has lost nearly 40% of its value from a peak above $4,955 in August to trade 1% lower at $2,997 on Tuesday.

A bitcoin drawdown at the start of the year presaged a broader selloff that hit equities in April, after the announcement of U.S. tariffs, leading to some nerves that the tumble in crypto could be a leading indicator or ripple outward.

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Bitcoin, the world’s largest cryptocurrency by market value, was down by 1.59% at $93,684 at 4:21 p.m. ET (3121 WAT) on Sunday.

It later bounced back to $95, 050 at 7:29 AM WAT on Monday.

Bitcoin crashed to its lowest level in six months on Friday, as a broad sell-off in risk assets deepened amid fading hopes that the Federal Reserve will cut U.S. interest rates at its upcoming policy meeting.

Markets now price in about a 40% chance of a December rate cut, down from about 90% earlier this month and just over 60% earlier last week.

Selling in U.S. equities, however, eased slightly in the afternoon ahead of the weekend, but investors stayed on edge as they braced for a slew of economic data next week following the government’s reopening after a record 43-day shutdown, Reuters reports.

Risky assets have come under pressure in recent days as expectations of a Fed rate cut next month have diminished, with a growing number of policymakers signaling an inclination to hold off on easing.

READ ALSO: Japan-China Spat Over Taiwan Comments Sinks Tourism Stocks

Since peaking on October 7, the crypto market capitalisation has fallen by more than $1 trillion, or 24%.

The backdrop for bitcoin remains bearish, analysts said.

Investors in recent days have worried the Federal Reserve may hold off on a December rate cut, and that A.I.-related stocks have become too pricey.

Long-term bitcoin holders have accelerated profit-taking, according to crypto research firm Glassnode. Those long-term bitcoin holders have sold 815,000 bitcoin over the past 30 days, a record high since January 2024, according to CryptoQuant, another digital asset research firm.

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Cryptocurrency surged on Monday with Bitcoin climbing more than 2 per cent in the past 24 hours to trade at $115,423 around 12:00 WAT. 

Ethereum led the altcoin gain, climbing 6.77% to $4,196, while other top tokens, including BNB, XRP, Solana, Dogecoin, Tron, Cardano, and Hyperliquid, recorded up to an 11% increase over the same period.

Overall global crypto market capitalisation rose 3.72% to $3.89 trillion, reflecting renewed confidence and increased trading activity.

The recent upswing in BTC price is likely fueled by market expectations of a Federal Reserve rate cut anticipated this Wednesday and positive developments in the ongoing U.S.-China trade tensions.

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Traders are now watching closely as it approaches the $120,000 mark, with anticipation also building ahead of the upcoming U.S. Consumer Price Index (CPI) release.

Hyperliquid recorded the sharpest 24-hour surge, jumping 10.51%, followed by Dogecoin, which gained 5.77%. These movements underscore growing interest in alternative digital assets as traders seek diversification and short-term momentum plays.

Looking at the weekly performance, Bitcoin rose 4.70%, while Ethereum gained 4.25%.  Other major tokens — including BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid posted weekly gains of up to 26%, highlighting the strength of the broader market rally. In contrast, Tron slipped 6.15%, making it the only major token to decline over the past seven days.

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Bitcoin dropped to $123, 863 Monday at 10:50 AM WAT after recording a new record high on Sunday, rising above the $125,000 mark.

The cryptocurrency had reached $125,689, shooting above its previous August record of around $124,500.

Bitcoin has enjoyed a strong upward momentum, with investors cautious about the US government shutdown.

Gains in the US also supported bitcoin’s rise, while investors have looked to safe haven assets while US lawmakers negotiate over funding the federal government, Bloomberg News said.

READ ALSO: Dollar To Naira Exchange Rate Today, October 6, 2025

US President Donald Trump and his family have also been big promoters of cryptocurrencies and are involved in various crypto endeavours that have inflated his wealth.

Trump’s embrace of digital assets has reversed years of US government scepticism towards the crypto industry under his Democratic predecessor Joe Biden, with the US House of Representatives passing three landmark cryptocurrency bills in July.

These regulatory changes have seen the value of bitcoin soar.

“With many assets including equities, gold and even collectibles like Pokemon cards hitting all time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” Joshua Lim, co-head of markets at crypto prime brokerage firm FalconX, was quoted by Bloomberg News as saying.

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Bitcoin reached a new record high on Sunday, rising above the $125,000 mark.

The cryptocurrency reached $125,689, shooting above its previous August record of around $124,500.

Bitcoin has enjoyed a strong upward momentum with investors cautious about the US government shutdown.

Gains in US shares have also supported bitcoin’s rise, while investors have looked to safe haven assets while US lawmakers negotiate over funding the federal government, Bloomberg News said.

US President Donald Trump and his family have also been big promoters of cryptocurrencies and are involved in various crypto endeavours that have inflated his wealth.

Trump’s embrace of digital assets has reversed years of US government scepticism towards the crypto industry under his Democratic predecessor Joe Biden, with the US House of Representatives passing three landmark cryptocurrency bills in July.

These regulatory changes have seen the value of bitcoin soar.

“With many assets including equities, gold and even collectibles like Pokemon cards hitting all time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” Joshua Lim, co-head of markets at crypto prime brokerage firm FalconX, was quoted by Bloomberg News as saying.

AFP

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