Halloween Came Early as Markets Get Spooked
As we wrap up October, it’s fair to say this month has been a rollercoaster of sharp rallies and steep drawdowns. With plenty of posts on CT about people wanting to take a break, I honestly recommend it—but don’t leave for good. Take a moment to reflect on the year and identify where your true edge lies so you can stay laser-focused in the months ahead.
Opportunities in crypto will always be there, but they reward patience, clarity, and conviction. With that, here are a few weekend reads to keep your mind engaged while the market takes a breather.
### Market Overview: Indices Update
The trend we’ve seen throughout the month continued yesterday, with gold climbing 1.96% while the Nasdaq, S&P 500, and Bitcoin (BTC) posted losses of -0.35%, -0.42%, and -1.62%, respectively. The tech-heavy indices were dragged down by Meta and Microsoft as investors grew concerned about their relentless AI spending forecasts.
Meta’s stock fell 11.3% in a single day, marking its biggest drop in three years.
Meanwhile, the Federal Reserve’s hawkish tone continues to weigh on markets. The odds of a rate cut in December now sit at 64.8%. Gold bounced strongly after four consecutive sessions of losses, as investors once again turned toward safe-haven assets amid the prolonged US government shutdown.
It was a difficult session for crypto indices, with all major sectors closing deep in the red. The pattern of crypto equities outperforming even during downturns continued, with Crypto Equities and Miners down only -0.7% and -1.73%, respectively.
The weakest performers were Layer 2 (L2) and Launchpad sectors, down -8.9% and -8.7% on the day.
The Launchpad sector was hit hard by Pump, which makes up 56% of the index. Pump fell 15.8% after strong gains earlier in the week. L2s also struggled, and even exchange coins like MNT, which had shown exceptional strength during the recent run-up, slipped 9% on the day.
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Stay tuned and keep your focus sharp as the market cycles continue. The right opportunities often come to those who remain patient and clear-headed.
https://bitcoinethereumnews.com/crypto/declines-in-tech-and-crypto-sectors-close-out-a-turbulent-october/?utm_source=rss&utm_medium=rss&utm_campaign=declines-in-tech-and-crypto-sectors-close-out-a-turbulent-october