Cryptocurrencies Extend Losses as Ethereum Drops Over 5%

Cryptocurrencies continued to slide on Thursday as market uncertainty persisted, with Bitcoin trading below the $90,000 level while Ethereum posted sharp losses exceeding 5%.

Despite the US Federal Reserve’s decision to cut interest rates by 25 basis points at the conclusion of its latest policy meeting, cryptocurrencies failed to stage a meaningful rebound, as ongoing volatility outweighed any improvement in risk appetite.

Analysts suggest that cryptocurrencies faced additional pressure from weakening sentiment in US technology stocks, following renewed concerns over artificial intelligence companies’ earnings outlook.

Those concerns were amplified after Oracle, the US cloud computing giant, reported weaker-than-expected revenue and profit forecasts, deepening investor caution and prompting a pullback from high-risk assets, including the crypto market.