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Market Update Today: US Earnings and Bitcoin

S&P 500 Slips as Bulls Keep Powder Dry Ahead of Earnings, Inflation


Dow Jones

P – 34,496.06 A – 34378.34 -11.72 (-0.34%)

S&P 500

4361.86 A – 4350.64 – 10.55 (-0.24%)

NASDAQ

P – 14486.2 A – 14465..90 – 20.30 (-0.14


Apple, meanwhile, said it plans to launch an event on Oct. 18, during which the company could unveil new MacBook laptops and AirPods headphones.

Bitcoin could hit $70,000 in December, based on this valuation model, some analysts say


P= 56,930 A = 56,312.0 -361.3 -0.64%


Payment processing company Stripe is building a crypto team. “I’m hiring engineers and designers to build the future of Web3 payments,” Guillaume Poncin, the company’s head of engineering for crypto wrote in a tweet.


Some analysts attributed the downturn of bitcoin to the contagion of the smaller cryptocurrencies. “The wider Alt (altcoin, or alternatives to bitcoin) market suffered losses, and eventually weighed on Bitcoin sentiment,” Matt Blom, global head of sales and trading at crypto exchange Eqonex, wrote in his Tuesday notes.


From a technical perspective, bitcoin could embrace a two-week consolidation phase, as a new short-term countertrend signal appeared on Sunday, Katie Stockton, founder and managing partner of research firm Fairlead Strategies wrote in Monday notes.


However, after the consolidation, bitcoin could test a record high in the coming weeks, as the cryptocurrency maintains positive intermediate-term momentum, Stockton noted.


There has been a recent increase in transaction volume of bitcoin, mostly the transactions with sizes larger than $10 million, Aguilar noted, citing data from Glassnode.


“Most analysts predict an all-time high in November, with a rally possibly continuing into January, February,”
Rosh Singh, chief executive officer at crypto trading platform Quadency said.

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