Bitcoin gave back its overnight rebound on Thursday as a selldown in artificial intelligence stocks and higher oil prices hit risk-driven assets. It remains inside a tight range set over the past month.
Bitcoin slid 4% to $81,448.0 by 17:39 ET on Thursday, after rising to nearly $85,000 overnight. The drop largely wiped out the brief rebound.
Price action stayed inside a tight trading range established over the past month, as a third-quarter rally largely ran out of steam in October.
Tech selldown drags on crypto
Continued flows into spot exchange-traded funds had provided fleeting support for the overnight bounce toward $85,000. By Thursday's session, however, increasing risk aversion reversed those gains.
A broad selldown in global technology stocks followed middling overnight earnings from some of Wall Street's tech majors. The rout, driven by rising concerns over higher interest rates and the long-term sustainability of AI, hurt risk appetite and spurred a pullback in crypto.
Crypto tends to move in tandem with tech shares, and it also stands to be affected by rising borrowing costs.
Oil adds to the pressure
Oil prices also kept rising, hitting a five-month high this week on continued tensions in the Middle East. Reports suggesting a resumption of U.S. and Israeli hostilities against Iran was imminent spooked markets further.
Higher oil also fed concerns over sticky inflation and rising interest rates.
Ether, XRP and Cardano decline with bitcoin
Broader crypto prices drifted lower as well. Ether fell 4.2% to $2,392.99, while BNB dipped 2.5%.
XRP shed 5.5%, and Solana and Cardano slid 4.3% and 7%, respectively. Dogecoin and $TRUMP lost 4.9% and 6.2%, respectively.
Source: Investing.com
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