Bitcoin Drops Below $70,000, Nvidia Jumps Nearly 3% as It Enters the Dow, US Nonfarm Payrolls Miss Expectations

Bitcoin Drops Below $70,000, Nvidia Jumps Nearly 3% as It Enters the Dow, US Nonfarm Payrolls Miss ExpectationsBitcoin, which had rebounded to $71,000 overnight, has fallen below $70,000 again. According to Coinglass data, Bitcoin plunged over 1

Bitcoin Drops Below $70,000, Nvidia Jumps Nearly 3% as It Enters the Dow, US Nonfarm Payrolls Miss Expectations

Bitcoin, which had rebounded to $71,000 overnight, has fallen below $70,000 again. According to Coinglass data, Bitcoin plunged over 1.5%, breaking through the $70,000 mark. This week, Bitcoin had surged to a high of over $74,000 before it began to pull back. Over the past 24 hours, over 87,000 traders have liquidated their positions in cryptocurrencies.

Meanwhile, the US stock market has shown relative optimism. All three major indexes closed higher, with the Dow Jones Industrial Average gaining 0.69%, the S&P 500 rising 0.41%, and the Nasdaq Composite climbing 0.8%. Among individual stocks, US tech stocks, after a series of declines, finally closed mostly higher. Amazon surged over 6%, Nvidia jumped more than 1%, Microsoft rose 0.99%, Google gained 0.11%, Facebook fell 0.07%, Tesla dropped 0.35%, and Apple declined over 1%.

It's noteworthy that Nvidia will be joining the Dow Jones Industrial Average. In after-hours trading, Nvidia surged almost 3%. Meanwhile, Amazon founder Jeff Bezos filed to sell 16.4 million shares of Amazon stock, aiming to raise $3.05 billion. In early July, Bezos had already filed to sell (further) 25 million shares, which would have been worth $5 billion based on the historical stock price at that time. In February, Bezos sold around $8.5 billion in nine trading days. Amazon fell 0.4% in after-hours trading.

In terms of economic news, US nonfarm payrolls added only 12,000 jobs in October, significantly lower than the expected increase of 113,000. The unemployment rate came in at 4.1%, matching expectations. Hurricanes also curtailed production in certain areas of the US Southeast. The US ISM manufacturing index fell by the largest amount in 15 months in October. Analysts suggest that the data was largely impacted by two hurricanes and a Boeing strike, and won't lead to the Fed abandoning a 25-basis point rate cut in November.

Although gold initially saw gains overnight, it dipped sharply at the end of the session, causing both gold and silver to turn negative. COMEX gold futures fell 0.16%, settling at $2744.90 per ounce, marking a weekly decline of 0.36%. On October 30th, gold reached a record high of $2801.80. COMEX silver futures dropped 0.81%, closing at $32.535 per ounce, representing a weekly decline of 3.93%. On October 29th, silver had reached a high of $34.725.

Not only gold and silver, but oil also dipped at the end of the session. ICE Brent crude oil futures rose 0.18%, while NYMEX natural gas declined by over 2%.

Overall, yesterday's market saw mixed performance. Bitcoin continued to pull back, US tech stocks closed mostly higher, while gold, silver, and oil saw a collective dip at the end of the session. Despite the US nonfarm payrolls missing expectations, the market generally believes it won't affect the Fed's plans to cut interest rates in November. Future market trends will need to pay attention to the Fed's monetary policy, developments related to the pandemic, and geopolitical factors.