The Dow Jones Industrial Average and the S&P 500 Index hit record highs on Thursday (12/11). Affected by Oracle's disappointing earnings report and spending outlook, AI concept stocks and the technology sector came under pressure, with the Nasdaq declining by 0.25%. Bitcoin oscillated in a wide range between 89K and 93K yesterday, with total network liquidations reaching $364 million over 24 hours. The altcoin season index dropped to the lowest range of 18, indicating insufficient momentum in altcoins. Standard Chartered lowered its BTC target price, expecting market consolidation but with long-term upside potential.

Oracle Drags Down AI Stocks, S&P Still Hits Record High

Affected by Oracle's disappointing earnings report and spending outlook, AI concept stocks and the technology sector came under pressure, with the Nasdaq declining by 0.25%. The market's pessimistic sentiment toward tech stocks suppressed the upward momentum accumulated from the previous trading day. Previously, amid internal disagreements at the Federal Reserve, it announced the third rate cut this year, with the S&P 500 Index once approaching a record high. This rate cut maintained the overnight rate in the 3.5%-3.75% range.

Small companies often benefit more from low interest rates than large companies because their borrowing costs are more closely tied to market rates, leading the Russell 2000 Index to hit intraday and closing highs alongside the Dow Jones Index.

Last week, U.S. initial jobless claims saw the largest increase since the pandemic outbreak. The latest U.S. initial unemployment claims rose to 236,000, with analysts noting that Thanksgiving holiday adjustment factors may have interfered with the statistics, but overall, it still reflects a generally stable labor market. Due to a surge in exports, the U.S. September trade deficit unexpectedly narrowed to its lowest level since mid-2020.

Bitcoin Experiences Wide Range Oscillation, Standard Chartered Lowers BTC Target Price

Bitcoin oscillated in a wide range between 89K and 93K yesterday, with total network liquidations reaching $364 million over 24 hours. The altcoin season index dropped to the lowest range of 18, indicating insufficient momentum in altcoins. The CMC Fear & Greed Index is currently at 29/100 ("Fear"), slightly lower than yesterday's 30 but higher than last week's 27. The index has been lingering in the fear zone for over a month, reflecting that despite minor rebounds, market risk aversion sentiment persists.

Standard Chartered Bank, a long-time supporter of cryptocurrencies, has lowered its Bitcoin target price due to a sharp drop in corporate funding demand and stagnant ETF fund flows. The bank now expects Bitcoin's price to climb to $150,000 by the end of 2026, down from its previous forecast of $300,000, and has delayed its long-term target of $500,000 from 2028 to 2030.

Geoffrey Kendrick, Head of Global Digital Assets Research at Standard Chartered Bank, stated that the companies that once drove Bitcoin demand (Digital Asset Treasury, DAT) no longer have the valuation or motivation to continue purchasing Bitcoin.

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