Bitcoin Attempts to Hold $67,000 as Altcoins and Wall Street Continue to Decline
Bitcoin is hovering around $67,000 after a significant adjustment the previous day.
● On Tuesday evening, stock index futures fell as the S&P 500 index reported its first loss since early September.
Futures contracts linked to the major indices dropped nearly 0.1%. Dow futures fell 126 points, a decline of 0.3%, while Nasdaq 100 index futures dropped 0.1%.
● During normal trading hours, both the S&P 500 and Dow Jones indices saw slight declines, while the Nasdaq Composite Index rose by about 0.2%.
● The yield on the 10-year U.S. Treasury bond has recently risen, reaching a peak of 4.2% on Tuesday, putting pressure on the stock market.
● Strong economic data and concerns about the deficit are factors driving the rise in the 10-year Treasury yield, despite the Federal Reserve having cut rates by 0.5 percentage points in September. Traders are increasingly worried that even if the Fed is expected to cut rates by another 0.5% this year, policymakers are unlikely to continue cutting rates.
● Multiple well-known companies will report earnings on Wednesday, including AT&T, Coca-Cola, and Boeing before the market opens, and Tesla and IBM after Wall Street closes.
● After a significant adjustment the previous day, the bull camp is trying to hold the level around $67,000, and currently, BTC is basically flat.
● On October 21, BTC plummeted nearly 3% from a phase high of $79,500 to $67,000. Since then, BTC has been fluctuating around this area and is currently trading around $67,100.
The altcoin market generally saw declines yesterday, led by ApeCoin (APE), which saw its value drop by over 17%. However, on a weekly basis, APE still recorded an astonishing gain of 74%.
