Overnight Market Sees Volatility: Bitcoin Plunges, US Stocks Fall in Late Trading, Chinese Stocks Remain Strong

Overnight Market Sees Volatility: Bitcoin Plunges, US Stocks Fall in Late Trading, Chinese Stocks Remain StrongMarkets saw a volatile overnight session, with Bitcoin experiencing a significant drop, US stocks collectively pulling back in late trading, and Chinese stocks maintaining their strength.Cryptocurrency Market Suffers a Major SetbackAccording to Coinglass data, virtual currencies witnessed a collective decline, with Bitcoin plunging nearly 4% at one point, and remaining down over 2% at press time

Overnight Market Sees Volatility: Bitcoin Plunges, US Stocks Fall in Late Trading, Chinese Stocks Remain Strong

Markets saw a volatile overnight session, with Bitcoin experiencing a significant drop, US stocks collectively pulling back in late trading, and Chinese stocks maintaining their strength.

Cryptocurrency Market Suffers a Major Setback

According to Coinglass data, virtual currencies witnessed a collective decline, with Bitcoin plunging nearly 4% at one point, and remaining down over 2% at press time. Ethereum dropped over 4.7%, and over 147,000 accounts were liquidated in the past 24 hours. CME Bitcoin futures declined 2.30% compared to Thursday's New York close, accumulating a weekly loss of 3.09%.

Stocks linked to cryptocurrencies also saw a collective dip. MARA Holdings plummeted nearly 7% at one point, while Riot Platforms fell over 5%. Earlier, the OEXN platform stated that Bitcoin's impact on government fiscal policies is becoming increasingly prominent, and considering the risk it poses to the sustainability of permanent budget deficits, the government should consider imposing taxes or banning the use of BTC.

US Stocks Retreat in Late Trading, Tech Sector Leads

The US stock market, which opened strongly last night, also saw a collective decline in late trading, with only the Nasdaq finishing in the green. The S&P 500 Index closed down 0.03%, while the Nasdaq rose 0.56%.

The Dow Jones led the decline, with McDonald's dropping over 3% and Dow Inc. falling more than 2%. Tesla maintained its strength, gaining over 3%, while Google rose over 1%. Facebook added 0.96%, Microsoft climbed 0.81%, Nvidia increased 0.8%, Amazon gained 0.78%, and Apple rose 0.36%.

Chinese Stocks Rise Collectively, New Energy Sector Leads the Charge

Chinese stocks continued to exhibit strength, with popular Chinese stocks generally rising. The Nasdaq Golden Dragon China Index gained 1.38%. The new energy sector led the way, with Daqo New Energy surging over 16%, while Trina Solar, JinkoSolar, and Xiaopeng Motors jumped over 9%, 6%, and 5%, respectively. NIO, Douyu, and Li Auto also gained over 5%. TAL Education climbed over 4%, and Bilibili rose over 3%.

Gold Regains Momentum, Economic Data Shows Mixed Performance

Gold, after a pullback, regained its upward trajectory and closed in the green.

On the economic data front, US Durable Goods Orders for September fell 0.8% month-over-month, against expectations of a 1.0% decline. The University of Michigan Consumer Sentiment Index for October came in at 70.5, exceeding expectations of 69.0 and the preliminary reading of 68.9. The final reading for September stood at 70.1. The University of Michigan's one-year inflation expectations for October reached 2.7%, matching the preliminary reading and the final reading for September.

NYSE Arca Announces Major Trading Schedule Adjustment

The New York Stock Exchange announced plans to extend its NYSE Arca stock exchange trading hours to 22 hours daily. The NYSE, part of Intercontinental Exchange, stated that the new extended trading hours for its fully electronic platform, NYSE Arca, will be from 1:30 AM to 11:30 PM ET, Monday to Friday.

Summary

The overnight market saw a volatile session, with Bitcoin plunging significantly, US stocks pulling back in late trading, and Chinese stocks maintaining their strength. Investors should closely monitor market developments and make investment decisions based on their individual circumstances.