BTC Quickly Surrenders Nvidia-Driven Momentum, Sliding Again to $88K

U.S. equities are also surrendering early strength, with the Nasdaq now up just 0.3% after a strong start.

Crypto markets once again failed to sustain even modest upside on Thursday, as selling pressure quickly erased bitcoin’s brief rebound. BTC pushed above $93,000 overnight following Nvidia’s upbeat earnings report but slid back toward $88,000 within hours.

The rally had been sparked late Wednesday after Nvidia (NVDA) delivered better-than-expected results and a confident outlook, easing market nerves and lifting risk assets. The Nasdaq initially surged more than 2%, while the crypto complex saw a corresponding bounce.

However, those early gains have unraveled. Nvidia — up more than 5% in premarket trading — has flattened out, and broader equity indices have sharply retraced.

Macro sentiment remains cautious. With the September jobs report finally released after delays from the government shutdown, the data showed a stronger-than-expected 119,000 jobs added, reducing the likelihood of a December rate cut.

Cleveland Fed President Beth Hammack reinforced the hawkish tone, arguing that firm inflation and elevated equity valuations don’t justify easing — comments reminiscent of Alan Greenspan’s 1996 “irrational exuberance” warning, even though markets continued rising for years after.

Ether (ETH) has taken a heavier hit than bitcoin, dropping nearly 4% in the past hour. The decline may be linked to digital asset treasury FG Nexus selling part of its holdings to fund a stock buyback, after the company’s shares fell more than 95% from their summer peak.

Crypto-exposed equities also reversed sharply. MicroStrategy (MSTR) is down 4.7% and trading at a new 52-week low of $178, leaving it 62% lower year-over-year. Coinbase (COIN) and Gemini (GEMI) have fallen 4% and 5%, respectively, while Circle (CRCL) is lower by 3.5%.

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