Hey folks!! The Nasdaq made a huge comeback last night, but Bitcoin didn’t follow!!!
US stocks closed higher on Monday (November 9): the Nasdaq Composite gained 2.74%, and the S&P 500 rose 2.35% (The Motley Fool / Yahoo Finance). The semiconductor index was even stronger, up about 6.9% (Seoul Economic Daily, November 10). A sharp drop in oil prices helped, and tech stocks were broadly picking up bargains, haha.
But Nvidia itself still got hammered, falling 4.27% to close at $178.67 (after closing at just $186.64 on Friday)~ The news about the board investigation was still priced in at the open!!!
What really stings is Bitcoin: after dropping to around $73,800 over the weekend, it was still stuck around $75,000 this morning. Some media outlets, citing CoinDesk, said it tracked US stocks closely on the way down, but often failed to keep up when they rebounded~ Honestly, don’t just assume “the Nasdaq rallies, so crypto takes off” and call it a day!!!
Tonight is the real main event: the US Bureau of Labor Statistics releases October CPI at 9:30 p.m. Shanghai time. Dow Jones expects headline CPI to rise about 0.3% month over month, and core CPI about 0.2% (compared with 0.6% and 0.3%, respectively, in September; CNBC). There’s another catch: because last year’s government shutdown left data missing for the same period, the official report won’t include year-over-year figures this time!!! Markets are now pricing in a little over an 80% chance of a rate hike in December. A hot reading could push those expectations higher, while a cool one doesn’t mean an immediate takeoff~
I just checked CoinGecko: Bitcoin is around $75,000 (virtually flat over 24 hours), ETH around $2,124, BNB around $690, and SOL around $86; the Fear & Greed Index is at 32, still in fear territory~ No going crazy with leverage ahead of the data!!!
What do you think will happen when CPI comes out tonight: will Bitcoin hold above $75,000 first, or go back down to test the weekend low?
$BTC $ETH
#CPI #crypto
US stocks closed higher on Monday (November 9): the Nasdaq Composite gained 2.74%, and the S&P 500 rose 2.35% (The Motley Fool / Yahoo Finance). The semiconductor index was even stronger, up about 6.9% (Seoul Economic Daily, November 10). A sharp drop in oil prices helped, and tech stocks were broadly picking up bargains, haha.
But Nvidia itself still got hammered, falling 4.27% to close at $178.67 (after closing at just $186.64 on Friday)~ The news about the board investigation was still priced in at the open!!!
What really stings is Bitcoin: after dropping to around $73,800 over the weekend, it was still stuck around $75,000 this morning. Some media outlets, citing CoinDesk, said it tracked US stocks closely on the way down, but often failed to keep up when they rebounded~ Honestly, don’t just assume “the Nasdaq rallies, so crypto takes off” and call it a day!!!
Tonight is the real main event: the US Bureau of Labor Statistics releases October CPI at 9:30 p.m. Shanghai time. Dow Jones expects headline CPI to rise about 0.3% month over month, and core CPI about 0.2% (compared with 0.6% and 0.3%, respectively, in September; CNBC). There’s another catch: because last year’s government shutdown left data missing for the same period, the official report won’t include year-over-year figures this time!!! Markets are now pricing in a little over an 80% chance of a rate hike in December. A hot reading could push those expectations higher, while a cool one doesn’t mean an immediate takeoff~
I just checked CoinGecko: Bitcoin is around $75,000 (virtually flat over 24 hours), ETH around $2,124, BNB around $690, and SOL around $86; the Fear & Greed Index is at 32, still in fear territory~ No going crazy with leverage ahead of the data!!!
What do you think will happen when CPI comes out tonight: will Bitcoin hold above $75,000 first, or go back down to test the weekend low?
$BTC $ETH
#CPI #crypto