Look here, the current cryptocurrency market seems to be showing a trend of "only following the decline but not the rise".
Yesterday, the market rebounded briefly during the day, and Bitcoin returned to above $60,000, but as the U.S. stock market opened lower in the evening, Bitcoin also collapsed, falling below $58,000. The reason of "the banker clearing leverage and preparing for the rise" is obviously no longer tenable. In the final analysis, the market is too weak.
Before the Fed's interest rate cut in September was realized, many short-term traders had already begun to take profits or stop losses. In the next month, investors with lower risk appetite may choose to wait and see, and risk aversion may become the main theme of the market.
The main reason for the decline in U.S. stocks last night was Nvidia's financial report. Although Q2 profits and Q3 guidance exceeded expectations, the guidance growth in the first six quarters exceeded 100%, while this time it was only 83%. Investors' expectations have been raised, and such data has become a "shock".
In addition, Hindenburg, a short-selling agency, released a short-selling report on SMCI, one of Nvidia's largest customers, before the market opened, which led to SMCI's decision to postpone the release of its earnings report and a 26% drop in its stock price, which also had a negative impact on the market reaction to Nvidia's earnings report.
