After closing higher in October, Bitcoin fell to $69,000, while altcoins and Wall Street remain pessimistic
● Bitcoin plummeted to nearly $69,000, having closed in the green in October.
Futures for the Nasdaq 100 rose on Thursday night as traders analyzed major earnings reports ahead of a critically important employment report.$BTC
● Futures related to the tech-dominated index rose by 0.3%. The Dow Jones Industrial Average futures only edged up by 4 points, while S&P 500 futures increased by 0.1%.
● Amazon's stock rose over 5%, driven by its advertising business and cloud computing strength, allowing the e-commerce giant to surpass Wall Street's earnings expectations. Intel's stock soared over 7%, as its revenue exceeded analyst forecasts and provided strong guidance.
● These movements occurred on a bleak trading day last Thursday, when the S&P 500 and Nasdaq Composite indices fell due to declines in Microsoft and Meta Platforms' earnings. Both indices recorded their worst trading day since early September.
● Meanwhile, the Dow dropped over 300 points, as reports from Microsoft, Intel, and Amazon left large tech investors feeling concerned.
● Thursday also marked the end of a losing trading month, which is a negative signal against a backdrop of strong annual performance. The Dow led the major indices down, falling by 1.3%, while the S&P 500 and Nasdaq fell by 1% and 0.5%, respectively.
● Investors are focusing on Friday's employment data. Economists surveyed by Dow Jones expect non-farm payrolls to increase by 100,000 in October, which would be the smallest gain in nearly four years. Meanwhile, the unemployment rate is expected to remain at 4.1%.
● Regarding earnings, traders will focus on reports from Chevron and ExxonMobil on Friday, marking the end of the busiest earnings week, with about one-third of S&P 500 companies having reported their results.
● Bitcoin closed in the green in October, reporting above $70,000, a gain of 11%, marking the second consecutive month of growth.
● BTC has also fallen for two consecutive days since hitting a local high of $73,000 on October 29.
● The altcoin market was a sea of red yesterday.
● ETH plummeted yesterday, ending a streak of five consecutive trading days of gains.
ETH has dropped over 5%, however, bulls are still striving to maintain above the significant psychological level of $2,500.$ETH