Wall Street Breakfast Podcast: Bitcoin Slides Below $90K

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Bitcoin (BTC-USD) briefly slides below $90K for the first time in seven months. (00:23) Amazon (AMZN) raises $15B in first U.S. bond sale since 2022. (01:28) Google’s (GOOG) (GOOGL) AI-fueled travel search engine sends online travel stocks into the red. (02:44)

This is an abridged transcript.

Bitcoin (BTC-USD) fell below $90,000 on Tuesday for the first time since April.

As of the time of this recording, BTC is trading above $91,000.

The cryptocurrency has wiped out its gains for 2025 and now sits nearly 30% below its October peak above $126,000. It was down around 9.5% over the last five days after breaking key technical support around $98,000 last week.

Bitcoin last fell below this level seven months ago, sliding to a low of $74,400 after President Trump’s initial tariff plans roiled global markets.

The latest downturn comes as economic pressures intensify, with renewed worries over interest rates and increasingly stretched valuations across speculative assets. As traders scale back expectations for a Federal Reserve rate cut in December and equities retreat from recent highs, risk sentiment has weakened—leaving Bitcoin exposed to further losses.

Amazon (AMZN) has raised $15B in its first U.S. dollar bond offering since 2022, making it the latest tech giant to turn to debt markets to help fund massive investment in AI.

The company sold investment-grade notes in six parts on Monday, according to a filing with the Securities and Exchange Commission.

Amazon (AMZN) said it plans to use the sale proceeds for repayment of debt, acquisitions, investments, working capital, investments in subsidiaries, capital expenditures, and stock buybacks.

Sources told Bloomberg News, the bond attracted about $80B in demand at its peak, before orders were cut in half as borrowing costs fell during the sale process.

Tech companies are ramping up investments on AI infrastructure to meet surging demand. Earlier this month, Alphabet (GOOG) (GOOGL) sold $25B of bonds in the U.S. and Europe.

Meta (META) sold $30B of corporate bonds in October, while Oracle (ORCL) raised $18B through high-grade bonds in September.

JPMorgan expects this borrowing spree for financing AI investments to drive U.S. issuance of corporate bonds to a record $1.8T next year.

Google’s (GOOG) (GOOGL) new AI search tool to build a comprehensive travel itinerary weighed on travel-related stocks on Monday.

Shares of Expedia (EXPE), Booking Holdings (BKNG), and Trip.com (TRIP) fell more than 7, 4 and 3% respectively.

On Monday, Google (GOOG) (GOOGL) launched a new AI-powered search tool to find flights and hotels and customize a travel itinerary to help travelers find the best deal.

In the future, travelers will also be able to book flights and hotels directly in Google’s (GOOG) (GOOGL) AI mode.

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Catalyst watch:

• Microsoft’s (MSFT) flagship annual conference for IT professionals, developers, technology leaders, and partners will begin. Microsoft Ignite will include updates on the latest advancements in cloud, AI, digital workplace, security, and enterprise solutions. In addition, Microsoft (MSFT) CEO Satya Nadella will make a presentation.

• Notable investor events include TransAlta’s (TAC) Investor Day, Aptiv’s (APTV) Investor Day, Upwork’s (UPWK) Investor Day, and AECOM’s (ACM) Investor Day.

• Oracle (ORCL) will hold its annual meeting amid some criticism over the company’s cloud security handling and lawsuits stemming from data breaches

• Bill Ackman will host a social media livestream at 10:30am to share a proposed transaction regarding Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC).

Dow, S&P and Nasdaq futures are in the red. Crude oil is down 0.2% at $59/barrel. Gold is down 0.1% at $4,042.

The FTSE 100 is down 1.1% and the DAX is down 1.3%.

The biggest movers for the day premarket: LifeMD (LFMD) -25% – Shares plunged after reporting Q3 results that missed expectations on both revenue and earnings, despite posting 13% Y/Y topline growth.

On today’s economic calendar:

• 10:00 am Housing Market Index

• 10:00 am E-Commerce Retail Sales

• 10:30 am Richmond Federal Reserve Bank President Thomas Barkin will speak before the Top of Virginia Economic Summit.