Tech stocks were pressured ahead of Nvidia's earnings report, while Bitcoin rebounded after falling below $90,000.

Tech stocks continued to decline due to concerns about the valuation of artificial intelligence-related stocks, with the S&P 500 falling for the fourth consecutive day, marking its longest single-day drop since August. Bitcoin initially fell in Asian trading yesterday, hitting a low of $89,253, before gradually recovering to $92,787 at the time of writing. The total market capitalization of cryptocurrencies rebounded by 1.76% to $3.17 trillion, but with Bitcoin breaking below the key support level of $93,000-$94,000 and the average cost of ETF investors at $89,600, investor confidence has been severely damaged, and market sentiment remains in a state of extreme panic.

Nvidia's financial report is about to be released, and its stock price has already fallen by 10%.

Nvidia's stock price has plunged more than 10% this month ahead of its third-quarter earnings release after the market closes on Wednesday. The earnings release comes at the tail end of a strong earnings season, and the artificial intelligence-driven market rally this year has become a focal point of debate. Nvidia's stock price is also under close scrutiny due to concerns raised about overvaluation of tech companies and the robustness of AI fundamentals amid a wave of large tech company bond issuances.

CFRA Chief Investment Strategist Sam Stovall stated :

"If the leading companies in top industries and sectors are optimistic about the future, and their reported earnings, revenue, and profit margins also exceed expectations, I think that will greatly reassure investors. The real question is, 'When will we be able to cash in on all of these capital expenditures?' This won't happen this quarter or next quarter, but it is expected to happen in the near future."

A major AI collaboration announced Tuesday failed to boost related stocks as previous similar deals had. AI startup Anthropic announced a commitment to purchase $30 billion in Azure computing resources, expanding Claude beyond Microsoft's Azure ecosystem. Nvidia and Microsoft pledged $10 billion and $5 billion respectively to invest in Anthropic. Even after the deal was completed, the shares of Nvidia and Microsoft still fell sharply.

(Microsoft, NVIDIA, and Anthropic announce alliance: Microsoft and NVIDIA invest $15 billion in Claude)

Bitcoin rebounded after falling below 90,000 USD; Arthur Hayes: Worst scenario: 80,000 USD.

Bitcoin initially fell in Asian trading yesterday, hitting a low of $89,253, before gradually recovering to $92,787 at the time of writing.

The overall market capitalization of cryptocurrencies rebounded 1.76% to $3.17 trillion, but investor confidence was severely damaged as Bitcoin broke through the key support level of 93K-94K that everyone was watching, and the average cost of ETF investors was $89,600. Market sentiment remained in a state of extreme panic.

Even Arthur Hayes, co-founder of BitMEX and a consistently bullish investor, warned that the tightening of dollar liquidity is the main reason for the current decline in the crypto market. He expects risk assets to face a deeper correction in the short term, and the market will only truly return to a bullish trend after the US government and the Federal Reserve restart printing money.

He predicts that once a large-scale easing policy is introduced, Bitcoin could surge to $200,000 or $250,000 by the end of the year; however, it could still fall to $80,000 to $85,000 during this period of weakness.

( Arthur Hayes analyzes the main reasons for the market decline: Bitcoin could fall as low as 80,000 USD, still awaiting the return of liquidity )

The Chicago Board Options Exchange (Cboe) will launch "Continuous Futures" for Bitcoin and Ethereum on December 15. With a 10-year expiration and daily cash adjustment, the product will enter the US regulated market for the first time in a form similar to the most popular perpetual contracts in the crypto market, and will also provide institutions with a low-friction long-term hedging tool for their crypto positions.

Cboe Perpetual Contract Alternative: Continuous Futures Launching on 12/15

Cboe Futures Exchange (CFE), a subsidiary of the Chicago Board Options Exchange (Cboe), announced that its Bitcoin (PBT) and Ethereum (PET) continuous futures contracts are expected to be officially listed on the Cboe Futures Exchange on December 15.

Specifically, this product will feature a 10-year maturity date combined with a daily cash adjustment to ensure that the contract price closely tracks the spot price over the long term, thus simulating the effect of a perpetual contract. The daily cash adjustment is essentially the funding fee in the crypto space, only now charged on a daily basis.

Cboe emphasized that the two continuous futures products will be available for trading 23 hours a day, Sunday through Friday, for a total of 5 days, which is closer to the 24/7 rhythm of the crypto market: "This design eliminates the burden of rollover for investors and provides long-term, low-friction exposure to crypto assets."

Meanwhile, the contracts will be settled in cash and cleared through Cboe Clear US. Margin requirements will comply with CFTC standards, and it is expected that existing Cboe Bitcoin and Ethereum futures will be available for cross-margin offsetting.

A multi-billion dollar market: Perpetual contracts enter the US regulatory framework for the first time.

Perpetual futures have always been a core trading tool in the global crypto market. Currently, the total open interest on centralized exchanges (CEXs) and decentralized exchanges (DEXs) has reached $786.7 billion, with a 24-hour trading volume of nearly $2 trillion.

In the past, perpetual contracts were almost entirely concentrated on offshore centralized exchanges, while Cboe's new product can be considered one of the first compliant products similar to perpetual instruments.

For institutions, this provides a regulated and controllable alternative that meets the diverse needs of trading strategies such as hedging and leverage.

( Why is it difficult for traditional finance to replicate perpetual contracts? Crypto-world-native innovation is igniting Wall Street's interest )

Regulatory shift drives product innovation: SGX and Coinbase compete to expand their presence.

Since the Trump administration took office, the US regulatory attitude has clearly softened. In April, the CFTC solicited opinions from the market to publicly discuss the risks, uses, and market impact of perpetual derivatives; exchanges also have room to launch new products.

Meanwhile, Coinbase announced a few months ago that it would launch a 5-year "nano Bitcoin and Ethereum perpetual contract", and the Singapore Exchange (SGX) announced this morning that it will launch Bitcoin and Ethereum perpetual futures on November 24 to meet institutional demand for crypto hedging tools.

( US retail investors have been waiting a long time! Coinbase launches perpetual contract market, emphasizing compliance with CFTC regulations )

With Asia and the United States advancing perpetual products simultaneously, the global derivatives market is poised to enter a new phase of compliance. For US institutions, these products provide a safe channel for establishing long-term long-short positions, signifying an accelerated convergence between traditional financial markets and crypto derivatives.