Bitcoin Price (BTC) News: Plunges Below $90K as AI Bubble Worries Weigh on Tech Stocks
Bitcoin dropped below $90,000 as tech stocks, particularly AI-related equities like Broadcom, fell due to investor concerns about the AI theme fizzling out.Summary
Bitcoin plunged to $89,800, falling 2% after the U.S. stock market opened, driven by broader market pressure stemming from worries over the sustainability of the AI-fueled stock rally. Chipmaker Broadcom's 10% slide following a disappointing outlook heavily impacted the Nasdaq, which fell over 1%, alongside other tech stocks like Oracle. Crypto-related stocks, including Bitcoin miners (Hut 8, Riot) and firms like Robinhood and MicroStrategy, also experienced declines. This market weakness followed Federal Reserve Chair Jerome Powell's comments hinting at a potential pause in rate cuts, leading markets to anticipate fewer cuts in 2026 than previously expected, although Chicago Fed President Austan Goolsbee suggested he anticipates more cuts in 2026 than the current median projection.
(Source：CoinDesk)