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 recorded its first loss since early September.
Futures contracts related to the major indices dropped nearly 0.1%. Dow futures fell by 126 points, a decrease of 0.3%, while Nasdaq 100 index futures fell by 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 increased, reaching a peak of 4.2% on Tuesday, putting pressure on the stock market.
● Strong economic data and concerns over the deficit are driving the rise in the 10-year Treasury yield, despite the Federal Reserve having cut interest rates by 0.5 percentage points in September. Traders are increasingly worried that even if the Fed is expected to lower rates by another 0.5% this year, policymakers are unlikely to continue cutting rates.
● On Wednesday, several well-known companies will announce their earnings, 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 bullish camp is trying to hold the level around $67,000, with BTC currently remaining flat.
● On October 21, BTC plummeted nearly 3% from a peak of $79,500 to $67,000. Since then, BTC has been fluctuating around this area and is currently trading at approximately $67,100.
The altcoin market saw a general decline yesterday, led by ApeCoin (APE), which saw its value drop over 17%. However, on a weekly basis, APE still recorded an astonishing increase of 74%.
