U.S. equities are also surrendering most of their early gains, with the Nasdaq now up just 0.3% after a strong open faded.
Crypto markets once again saw a brief rally quickly overwhelmed by selling pressure on Thursday. Bitcoin slid back toward $88,000 after surging above $93,000 earlier in the day, giving up nearly all of its Nvidia-driven boost from Wednesday night. Nvidia’s upbeat earnings and guidance initially calmed markets, lifting both tech stocks and crypto and pushing the Nasdaq more than 2% higher — but the momentum proved short-lived.
By midday, Nvidia had slipped to flat trading, and broader equity markets reversed sharply. Investors were met with fresh macro headwinds as the delayed September jobs report showed a stronger-than-expected 119,000 payroll increase. At the same time, Cleveland Fed President Beth Hammack struck a hawkish tone, noting that firm inflation and elevated stock valuations do not support a December rate cut. Her remarks echoed the cautionary sentiment reminiscent of Alan Greenspan’s 1996 “irrational exuberance” speech.
Ether (ETH) took a heavier hit than bitcoin, falling nearly 4% in the past hour. Part of the pressure appears linked to FG Nexus reportedly selling a portion of its ETH holdings to fund buybacks after its stock plunged more than 95% from summer highs.
Crypto-linked equities also reversed lower. MicroStrategy (MSTR) fell 4.7% to a new 52-week low of $178, down 62% year-over-year. Coinbase (COIN) and Gemini (GEMI) are lower by 4% and 5%, respectively, while stablecoin issuer Circle (CRCL) is down 3.5%.
