Bitcoin Falls Below $90,000 as Market Sentiment Wanes

Bitcoin fell below the US$90,000 mark, dropping 2.5 percent to US$90,056.24, as market sentiment turned sour due to fresh concerns over artificial intelligence profits. This decline mirrored a broader downturn in cryptocurrencies, with ether also falling 4.3 percent to US$3,196.62, erasing previous gains.

The downturn in the cryptocurrency market came after US cloud firm Oracle reported a profit and revenue outlook that missed forecasts, leading executives to indicate higher spending without the anticipated returns.

The sentiment in the market was reflected in the bearish stance toward cryptocurrencies, even as other risk assets showed signs of recovery, as noted by Tony Sycamore, a market analyst at IG in Sydney.

Stocks in Asia fell, and futures indicated lower openings in both Europe and the United States, highlighting the pervasive market jitters.