Bitcoin Plunges Below $70,000, US Tech Stocks Rebound, Bezos Sells Amazon Shares

Bitcoin Plunges Below $70,000, US Tech Stocks Rebound, Bezos Sells Amazon SharesYesterday's market trading was filled with drama and volatility, with Bitcoin breaking below the $70,000 mark as the market's focal point. According to the latest data from Coinglass, Bitcoin prices fell by over 1

Bitcoin Plunges Below $70,000, US Tech Stocks Rebound, Bezos Sells Amazon Shares

Yesterday's market trading was filled with drama and volatility, with Bitcoin breaking below the $70,000 mark as the market's focal point. According to the latest data from Coinglass, Bitcoin prices fell by over 1.5%, officially dipping below the $70,000 threshold. This week, Bitcoin prices have experienced wild swings, surging above $74,000 at one point before retracting, sparking widespread discussions about the future of cryptocurrencies.

On the other hand, the US stock market delivered relatively positive news. All three major indices the Dow Jones, S&P 500, and Nasdaq closed higher, gaining 0.69%, 0.41%, and 0.8%, respectively, offering some solace to the recently pressured market. US tech stocks, after a period of consecutive decline, finally saw a rebound in most sectors. Among them, Amazon stood out with a gain of over 6%; Nvidia followed closely with a rise of over 1%; Microsoft and Google gained 0.99% and 0.11%, respectively.

However, not all tech stocks managed to emerge victorious from this rebound. Facebook and Tesla edged down by 0.07% and 0.35% respectively, while Apple fell by over 1%. Notably, Nvidia is set to be included in the Dow Jones Industrial Average, a move that undoubtedly injected fresh vitality into Nvidia's share price. In after-hours trading, Nvidia's stock price continued to climb, nearing a 3% gain, reflecting market confidence in the company's future prospects and signaling its potential to occupy a prominent position among a broader investor base.

Nevertheless, amidst the overall tech stock rebound, Amazon received news of a major shareholder reducing their stake. According to disclosures, Jeff Bezos filed to sell 16.4 million shares of Amazon stock, aiming to cash out $3.05 billion. This isn't the first time Bezos has reduced his stake in Amazon; back in early July, he filed to sell another 25 million shares, potentially netting $5 billion based on the then-historic stock price; in February, Bezos sold roughly $8.5 billion worth of stock over nine trading days. While Bezos's divestment might have some impact on Amazon's stock price, in after-hours trading, Amazon shares only declined slightly by 0.4%.

Beyond the stock market and cryptocurrencies, the precious metals market also experienced significant fluctuations. Last night, gold prices initially surged across the board, but a dive at the closing bell resulted in a decline for both gold and silver. Specifically, COMEX gold futures fell 0.16%, closing at $2,744.90 per ounce, marking a weekly decline of 0.36%. Notably, gold prices reached an all-time high on October 30th, hitting $2,801.80. Meanwhile, COMEX silver futures dropped 0.81%, closing at $32.535 per ounce, reflecting a weekly loss of 3.93%. On October 29th, silver reached a high of $34.725.

Not only did gold and silver suffer a late-day plunge, but the oil market also fell victim to volatility. In late trading, ICE Brent crude futures narrowed gains to 0.18%, while NYMEX natural gas prices dropped by over 2%. These fluctuations serve as a constant reminder to investors that the market is always brimming with uncertainties and risks.

Furthermore, the US nonfarm payroll data for October became a central focus of market attention. The data revealed that the number of new jobs added in October declined to 12,000, falling far short of the market's anticipated 113,000, but the unemployment rate aligned with expectations, remaining at 4.1%. Simultaneously, hurricanes imposed limitations on production in certain areas of the US Southeast, leading to the largest contraction in the ISM manufacturing index in 15 months. However, analysts pointed out that these figures were largely influenced by the short-term effects of the two hurricanes and the Boeing strike, unlikely to deter the Federal Reserve from its plan to reduce interest rates by 25 basis points in November.

Overall, yesterday's market trading was marked by drama and volatility. The drop of Bitcoin below $70,000, the rebound of most US tech stocks, Bezos's divestment, and the closing-bell plunge in precious metals and oil markets collectively painted a captivating picture of the night's events. In the face of such a complex and ever-changing market environment, investors must prioritize calmness and rationality. They need to closely monitor market dynamics, adjust their investment strategies promptly, and brace themselves for potential risks and challenges.

This article originates from Jinrongjie.