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Bitcoin Plunges Below $90K as AI Worries Drag Nasdaq, Crypto Stocks Down
Source: CryptoNewsNet Original Title: Bitcoin Plunges Below $90K as AI Worries Drag Nasdaq, Crypto Stocks Down Original Link: Artificial intelligence-focused stocks are coming under pressure on Friday, dragging tech-related equities and bitcoin lower during the early U.S. session.
Chipmaker Broadcom (AVGO), the ninth largest asset by market cap, tumbled 10% despite strong earnings as its outlook disappointed investors’ lofty expectations.
The Nasdaq index was down over 1% in the first hour of the session. Adding that to Oracle’s 10% slump on Thursday and a further 3% decline on Friday, as investor concerns are mounting that the red-hot AI theme that fueled much of this year’s stock market gains might be fizzling out.
Bitcoin, trading around $92,500 overnight, plunged 2% following the U.S. stock market open to $89,800 recently, extending the choppy action through the week. A consistent theme this week has been bitcoin setting intraday lows during U.S. trading hours, a pattern that has led to the filing of the proposed AfterDark Hours ETF.