Bitcoin significantly retraced to $67,000, altcoins and Wall Street in the green
Bitcoin has sharply adjusted to below $67,000 under strong selling pressure.
● Overnight stock index futures were flat, after the Dow Jones Industrial Average ended a three-day rising streak.
Futures linked to the Dow fell slightly by 37 points. S&P 500 futures fell less than 0.1%, while Nasdaq 100 futures dropped 0.1%.
● In Monday's spot trading, the Dow Jones Industrial Average, which includes 30 stocks, fell more than 344 points, a decline of 0.8%, after rising for three consecutive trading days. The S&P 500 dropped about 0.2%, while the Nasdaq Composite Index rose nearly 0.3%. The yield on the 10-year U.S. Treasury bond rose nearly 12 basis points to 4.19%.
● Investors are focusing on the third quarter earnings season, with about one-fifth of S&P 500 component companies expected to report results this week. Zions Bancorporation rose about 3% in after-hours trading due to strong performance, while SAP SE climbed nearly 4% after raising its revenue targets.
● So far, about 14% of S&P 500 component companies have reported earnings, with more than 7 companies exceeding expectations, according to FactSet data.
● Despite just entering earnings season, some on Wall Street are already concerned that U.S. corporate standards may be too high. Although expectations have declined, Megan Horneman, Chief Investment Officer at Verdence Capital Advisors, believes the forecasts for 2025 seem unrealistic.
● The earnings season will kick off on Tuesday, with 3M, Lockheed Martin, General Motors, and Verizon set to report results first. Tesla, IBM, and Boeing will also release reports later this week.
● BTC fell more than 2% yesterday, failing to stay above $69,000. $BTC
● Despite the price drop, BTC's trading volume increased by over 77% in the past 24 hours, reaching $38 billion, indicating that investors were cashing out in large volumes.
● ETH plummeted nearly 3% yesterday, returning to below $2,700.
This second-largest asset by market capitalization also closed in the red, ending a three-day rising streak. Currently, ETH is trading around $2,645. $ETH
