Risk appetite waned after American company Oracle's profit and revenue forecasts fell short of analyst expectations. Executives pointed to increased spending, indicating that investments in artificial intelligence infrastructure are not generating profits as quickly as investors had hoped.
Bitcoin fell 2.5% in the latest session to $90,056.24, while Ether retreated 4.3% to $3,196.62, giving up gains from the past two days and continuing the decline that began in the US trading session on Wednesday after the US Federal Reserve (the US central bank) cut interest rates.
A market analyst at IG in Sydney, Tony Sycamore, said: "What we saw last night is that while risk-on assets were performing well, cryptocurrencies didn't really care about that."
He added: "The crypto space needs to see more convincing evidence that the capitulation we saw on October 10 has ended."
Bitcoin's price fell below $90,000, another sign of market tension, as tech stocks were affected by concerns about the profitability of artificial intelligence.
