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Bitcoin drops below $70,000, erasing post-Trump rally

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Bitcoin slid below the $70,000 mark on Thursday, extending a sharp selloff that has erased gains made since Donald Trump’s 2024 election victory. The world’s largest cryptocurrency fell as much as 3.8% to $69,858, its lowest level since November 2024.

Bitcoin is down nearly 8% this week and almost 20% so far this year. Ethereum also weakened, slipping close to 2% to around $2,090 and posting year-to-date losses of roughly 30%.

Analysts said the latest leg down was triggered by concerns over the nomination of Kevin Warsh as the next chair of the Federal Reserve. Warsh is viewed as favoring a smaller central-bank balance sheet, a stance seen as negative for liquidity-sensitive assets such as cryptocurrencies.

“The market fears a hawk with him,” said Manuel Villegas Franceschi of Julius Baer, noting that reduced liquidity would offer little support for digital assets.

The global crypto market has lost about $1.9 trillion in value since peaking in October, according to CoinGecko, with institutional investors pulling billions from exchange-traded funds. Analysts at Deutsche Bank said persistent ETF outflows point to waning interest among traditional investors.

Bitcoin’s decline has also tracked weakness in technology stocks, as fears of AI-driven disruption ripple through markets. Jefferies warned that further price drops could pressure crypto miners and risk forced liquidations, amplifying volatility.

AMD falls as dour forecast shows cracks in AI trade

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Shares of Advanced Micro Devices slid after the chipmaker issued a cautious quarterly sales outlook, reviving investor concerns about its ability to challenge AI leader Nvidia. AMD forecast first-quarter revenue of about $9.8 billion, slightly above expectations but down from the prior quarter, signaling uneven momentum in its AI-driven growth.

The reaction came amid broader market anxiety over artificial intelligence spending, as investors question whether massive outlays are translating into near-term productivity gains. While AMD benefited from a late boost in China-bound AI chip sales, analysts noted that without those deliveries its data center results would have fallen short.

AMD executives said demand for next-generation AI servers should accelerate in the second half of the year, including shipments to OpenAI. Still, the muted outlook contrasted sharply with upbeat signals from AI server makers, highlighting growing scrutiny over which companies can turn AI demand into sustained earnings growth.

Uber forecasts profit below estimates on cheaper rides and higher taxes

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Uber Technologies forecast first-quarter profit below Wall Street expectations, citing higher taxes and a strategic push toward cheaper ride options designed to boost bookings. The outlook sent Uber shares sharply lower in premarket trading, as investors reacted to weaker earnings guidance despite strong demand.

Uber said it expects an adjusted effective tax rate of 22% to 25% this year, reflecting its operations across more than 70 countries. At the same time, the company has expanded lower-cost mobility products such as shared rides, which helped trips rise 22% in the fourth quarter but weighed on near-term margins.

The company projected first-quarter adjusted earnings per share of 65 to 72 cents, below analyst expectations, while gross bookings are forecast to exceed estimates. Uber said it is deliberately moderating margin expansion after proving its ability to generate profits, prioritising affordability to drive growth.

Uber also announced a chief financial officer transition and highlighted accounting changes in the UK that will reduce reported margins without affecting underlying profitability. Management said improving pricing conditions and lower insurance costs should support growth later in the year.