Technology-heavy indexes experienced similar directional pressure as macroeconomic factors influenced trading patterns.
Bitcoin News
Bitcoin miners and crypto-focused stocks moved lower Thursday alongside broader market trends across risk-on assets. Technology-heavy indexes experienced similar directional pressure as macroeconomic factors influenced trading patterns.
Bitdeer Technologies Group and Bitfarms saw notable price movement alongside Cipher Mining as the sector responded to market conditions. MARA Holdings, the largest Bitcoin holder among miners, also participated in the broader market trend.
Bitcoin trades at $96,371 following its move below $99,000 for the first time since early May. The cryptocurrency remained approximately 22% below its record high as markets consolidated recent gains.
Ethereum and Solana both experienced similar directional movement of approximately 7% each. Both assets reached levels not seen in four to five months during Thursday's trading session as cryptocurrency markets adjusted to evolving conditions.
Galaxy Digital, Robinhood Markets, and crypto exchange Coinbase all participated in the broader market movement. Treasury companies, including BitMine Immersion and Strategy, also reflected sector-wide trading patterns during the session.
The Nasdaq and S&P 500 declined 2.5% and 1.75%, respectively, as investors adjusted portfolio positioning. The Bureau of Labor Statistics delayed its monthly Consumer Price Index release for October due to the recent government shutdown.
The Wall Street Journal consensus forecast anticipated the CPI rising 3% for the month on an annual basis, above the Federal Reserve's 2% target. The Federal Reserve has maintained cautious positioning on interest rate adjustments while monitoring employment data and inflation trends for policy guidance moving forward.
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