Bitcoin remained under pressure after hitting a two-month low overnight as disappointing earnings from Microsoft fueled a wider selloff in tech stocks.
“We are not in the AI bubble camp, but we do believe that the market will question the return on capital expenditure from the tech companies,” Jefferies economist Mohit Kumar said in a note.
Meanwhile, reports indicate President Donald Trump could nominate Kevin Warsh as Federal Reserve Chair. Warsh is unlikely to pursue aggressive interest-rate cuts beyond what economic fundamentals suggest, Kumar said.
