Bitcoin Plummets Below $93,000, Altcoins Generally Decline
● Price increases push the Dow Jones Industrial Average, S&P 500 Index, and Russell 2000 Index focused on small-cap stocks to new highs. Investors bet that President Donald Trump's nomination of Scott Bessenet as Treasury Secretary will help guide the economy without triggering inflation.
● The Dow Jones blue-chip index rose 440.06 points, an increase of 0.99%, closing at 44,736.57 points. The S&P 500 Index rose 0.3%, ending at 5,987.37 points. Both reached historic new highs, while the Dow Jones index also set a new historical closing high. The Nasdaq Composite Index rose 0.27%, closing at 19,054.84 points.
● Monday brought new developments, with investors welcoming Trump's nomination of Bessenet, founder of Key Square Group. The Russell 2000 Index rose 1.47%, surpassing previous records set in 2021. More than three-quarters of the S&P 500 constituents rose during trading.
● Investors believe that Bessenet, a hedge fund manager, will support the stock market. They also think he may help alleviate Trump's most extreme protectionist policies, such as his stance on import tariffs. "I suggest that tariffs should be implemented gradually," Bessenet said in an interview with CNBC earlier this month.
● Treasury yields and the dollar index fell on Friday afternoon after Bessenet was selected. The 10-year Treasury yield fell by more than 14 basis points during Monday's trading. Quincy Crosby, a global strategist at LPL Financial, said these dynamics, along with the rise in the stock market that day, indicate that the market reacted positively to Trump's decision.
● In contrast, large tech companies experienced more volatility. Although Amazon and Alphabet's stock prices closed higher, Nvidia and Netflix's stock prices fell.
● Monday's performance further solidified the narrative of rising prices post-election. After a significant rise, the momentum slowed as concerns grew that Trump's policies could lead to rising yields and inflation.
● Investors will focus on the release of the October Personal Consumption Expenditures Price Index on Wednesday, which is the Federal Reserve's preferred inflation gauge. The minutes from the Fed's most recent policy meeting will also be released on the Friday before Thanksgiving.
● Growth momentum seems to have slowed around $99,000. After failing to break through the upper resistance level, BTC has dropped nearly $6,000 in the past 24 hours
#BTC
