Bitcoin, Ethereum Dive Deeper Amid AI and Macro Angst

Market Overview - Bitcoin and major cryptocurrencies are experiencing losses amid a broader downturn in risk-on assets, driven by macroeconomic uncertainties, including concerns about U.S. interest rates and tech firms' spending on AI initiatives [1][3] - Bitcoin is trading at approximately $92,200, down 2.3% in the last 24 hours, marking its lowest level since late April [1] - Over the past two weeks, Bitcoin has dropped more than 14%, erasing all gains made in 2025 [2] Market Sentiment - The current drawdown in digital assets reflects a risk-off rotation influenced by macro headwinds, including a recalibration of liquidity expectations and reduced probability of a December interest rate cut [3] - Concerns about U.S. trade wars, missing figures from jobs and inflation reports, and a slumping economy have negatively impacted market sentiment [3] Company Impact - Major companies like Google and Microsoft are committing to AI projects, which may affect their balance sheets in the near term [4] - The technology-focused Nasdaq and S&P 500 indices closed down by about 1%, continuing their recent declines [5] - Crypto-focused stocks, such as Coinbase, saw significant declines, with Coinbase tumbling over 7% [5] Market Activity - Investors liquidated over $900 million in positions in the past 24 hours, including more than $550 million in long positions [5] - Selling pressure from whales and miners has contributed to the price drop, particularly after key price levels were breached, leading to liquidations in derivative markets [6]