Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
Stocks fell on Thursday as strong earnings from Nvidia were overshadowed by comments from the Federal Reserve signaling that interest rates will remain elevated for a long time to combat inflation.
Bitcoin prices experienced a sudden drop last week, with analysts attributing it to large liquidations of perpetual futures and a report that SpaceX had sold the cryptocurrency, while industry insiders have mixed opinions on the impact of spot bitcoin ETFs and Coinbase's investment in Circle.
Bitcoin's price is closely linked to stock prices and has seen significant growth, outperforming Amazon over a 12-year period, according to Bloomberg analyst Mike McGlone; however, he is skeptical about its move into the mainstream and warns of potential price declines when the masses invest. Other analysts speculate on Bitcoin's price, with predictions ranging from a dip to $23,500 to exceeding $30,000 by year-end. McGlone is known for identifying unique trends in Bitcoin, and JPMorgan suggests that the recent crypto asset selloffs are mostly over.
HP Inc.'s stock dropped 10.7% in after-hours trading following mixed financial results and a cautious outlook, with CEO Enrique Lores noting that the external environment has not improved as expected and PC pricing has been a challenge, but the availability of AI products in late 2024 is expected to boost sales.
The Dow Jones Industrial Average fell, while AI stock Microsoft jumped, oil stocks rose as Saudi Arabia and Russia extended production cuts, and several Warren Buffett stocks are near entry points.
The stock market sinks as a tech selloff occurs due to investors' fear of more Fed rate hikes, with Apple, Tesla, and Nvidia all experiencing significant declines.
US stocks dropped on Wednesday as fears of more Federal Reserve rate hikes circulated, with Big Tech names like Apple and Nvidia dragging major indexes lower. Boston Fed President Susan Collins warned that further policy tightening could be warranted, while the Fed's Beige Book indicated softer activity growth and a cooling labor market in July and August.
U.S. stocks fell as oil prices reached a 10-month high, raising concerns about inflation and its impact on the economy; tech mega caps stumbled, leading to losses in the Nasdaq, S&P 500, and Dow Jones Industrial Average.
The Dow Jones Industrial Average dropped after a decrease in initial unemployment claims, while Apple stock declined due to China's order for officials to not use iPhones and other foreign-branded devices for work.
Apple's stock has experienced a significant decline, losing about $200 billion in market capitalization, due to concerns over Chinese officials urging government employees to stop using iPhones, while analysts also predict a potential sell-off after the upcoming iPhone event.
Apple's market value has dropped by 10% due to factors such as China's ban on the iPhone for government employees and competition from a Chinese rival, leading to concerns about slowing growth and the need for new products with high growth potential.
Bitcoin, Ethereum, and other cryptocurrencies have been experiencing a steady decline in prices due to concerns from the Federal Reserve, leading to warnings of a potential price crash, although some analysts remain hopeful for improvement.
Dow Jones futures, along with S&P 500 futures and Nasdaq futures, were unchanged after hours as the stock market rally experienced losses, with the S&P 500 and Nasdaq dropping below the 50-day line, while energy stocks led and software retreated. Apple stock fell after unveiling the iPhone 15 and other products, while stocks such as Salesforce, Alphabet, General Electric, Shopify, and Nvidia remained in or near buy areas. The CPI inflation report and Adobe earnings are potential market catalysts.
Intel's stock drops as analysts express skepticism about the company's ability to compete with Nvidia in artificial intelligence.
