The chip selloff just won’t let up. The Dow was the only major index to finish higher last night, while the Nasdaq fell another 1.07%.
The Philadelphia Semiconductor Index dropped 3.37%, Micron fell 5.7%, and Intel sank another 8.8% last night after plunging nearly 30% on Friday. The bill for all that AI spending is being scrutinized again.
I feel like crypto is just following the market lower. $BTC is back around 76,800, giving back most of the rally to 78,600 during the day, and $ETH is back around 2,250. $ZEC , which led the gains during the day, is doing even worse. It’s now around 1,150, having given back all of yesterday’s rally to 1,280 and then fallen even further.
The midterm elections are today, but results won’t start coming in until early tomorrow morning.
#BTC #MarketAnalysis
The Philadelphia Semiconductor Index dropped 3.37%, Micron fell 5.7%, and Intel sank another 8.8% last night after plunging nearly 30% on Friday. The bill for all that AI spending is being scrutinized again.
I feel like crypto is just following the market lower. $BTC is back around 76,800, giving back most of the rally to 78,600 during the day, and $ETH is back around 2,250. $ZEC , which led the gains during the day, is doing even worse. It’s now around 1,150, having given back all of yesterday’s rally to 1,280 and then fallen even further.
The midterm elections are today, but results won’t start coming in until early tomorrow morning.
#BTC #MarketAnalysis