Bitcoin’s Wild Ride: $103K or Bust! Miners Fret as AI Buzz Dims

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Markets

What to know:

  • Bitcoin, the darling of crypto enthusiasts, took a rather cheeky tumble back below $104,000 by Tuesday morning. Not quite the victory lap we were hoping for, darling.
  • The likes of WULF, HUT, BTDR, and CLSK-those valiant crypto miners-suddenly found themselves caught in the cooling winds of the AI infrastructure hype. Apparently, weak earnings and pesky development bottlenecks have a way of spoiling the fun.
  • The ADP has the audacity to report that private sector employers are axing an average of 11,250 jobs a week. Well, isn’t that just delightful news!

Oh, Monday’s crypto rally lasted all of 15 minutes, only for bitcoin to slide back below $104,000 by Tuesday morning. Talk about a tease!

After a quick flirtation with $107,000 overnight, our dear bitcoin dropped to $103,200. What a tragic story. All that excitement, courtesy of President Trump’s “tariff dividend” plan and the sweet whispers of an end to the U.S. government shutdown-gone in a puff of smoke. 💨

Meanwhile, Ethereum’s ether had the decency to drop by 1.2%, falling below the oh-so-glamorous $3,500 mark. And let’s not forget Solana’s SOL, down by 3%-4%. It’s as though they all decided to throw a party in the red zone. 🎉

And don’t even get us started on crypto-related stocks. The bitcoin miners, once the toast of the town, are now falling faster than a lead balloon. CleanSpark (CLSK) dropped 8%, Hut 8 (HUT) fell nearly 9%, and Core Scientific (CORZ) tumbled 11.5%. It’s a bloodbath, darling! 🍷

Why this sudden downturn, you ask? Well, turns out the once-hot AI infrastructure trade is cooling off. It’s almost like a cold shower after a steamy affair-earnings didn’t meet expectations, and let’s not even mention those development delays. Tsk, tsk.

CoreWeave, bless its heart, lowered its outlook, citing delays in data center development. Naturally, its stock took a 15% dive. And then there’s TeraWulf with its disappointing earnings, while BitDeer had the audacity to post deeper-than-expected losses and, you guessed it, delays in those all-important ASIC chips. It’s like watching a slow-motion car crash. 🚗💥

But the real cherry on top? Japanese investment giant SoftBank decided to sell its entire stake in Nvidia (NVDA) for a mere $5.8 billion, driving the tech giant’s stock down by 3.5%. With that, the Nasdaq fell by 0.7%, and the S&P 500 lost 0.3%. Hardly the stuff of fairy tales, darling.

But wait, there’s more! The ADP also revealed that U.S. private employers have been cutting jobs like it’s Black Friday sales. An average of 11,250 jobs a week, to be precise. Not the news anyone needed this week, but there it is.

And just when you thought things couldn’t get worse, the CME FedWatch tool is predicting a 67% chance of an interest rate cut at the Fed’s December meeting. How charming! Polymarket even has it slightly higher at 72%. Well, isn’t that just the icing on the cake? 🎂

With Tuesday’s little stumble, BTC has also filled the CME gap that formed over the weekend. You know, the one that happens when futures trade higher or lower than the previous session. Classic market behavior, but not all gaps get filled, so don’t get too excited, dear.

All in all, sentiment around crypto markets has improved in the past few days, as BTC and ETH bounced from the lows. But traders? They’re simply using this rebound to take profits and dash for the exits. Jasper De Maere, an OTC desk strategist at Wintermute, has already written this off as “profit-taking into strength.” Oh, the humanity! 🤦‍♀️

“When it comes to alts, the theme is still profit-taking into strength,” he quips. “Short-lived outperformance, darling, short-lived.” Well, well, well. Seems like consensus is building that the majors need to lead the charge. But will they? Time will tell-just like in a good old-fashioned mystery story.

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2025-11-11 21:04