Bitcoin (BTC-USD) continued to disappoint investors who treated the cryptocurrency as a safe hedge against stock markets and currencies. BTC fell by 2.78% in the last day. Despite the drop, BTC prices should trade in a range. The government is not releasing an inflation report. It also delayed the job report release earlier this month.
Bitcoin fared better than other cryptocurrencies. For example, XRP Crypto and Ethereum fell by more in recent sessions.
A high-profile bankruptcy of U.S. parts supplier First Brands and Tricolor, a car dealership, created panic for regional banks. Zions Bancorp. lost 13% on Thursday. It disclosed an unexpected loss of $50 million. This dragged Western Alliance (WAL) as well, while Jefferies (JEF) lost 10.6%.
JPMorgan Chase (JPM) CEO Dimon characterized the latest bankruptcies as cockroaches in the system.
In artificial intelligence news, Oracle (ORCL) might follow through with its recent rally. The firm is forecasting $166 billion in revenue by 2030. Oracle Cloud Infrastructure posted revenue of only $10 billion, so the forecast implies a compound annual growth rate of 75% over five years. ORCL stock closed at $313, compared to its 52-week high of $345.72.
On Thursday, Oracle said that Meta Platforms (META) is one of the four customers involved in $65 billion of cloud infrastructure commitments.
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