A rally in cryptocurrency prices faded as Wall Street’s risk-off mode dragged down the broader market alongside heavy losses in tech shares.
() seems to be taking a bit of a pause as October wraps up, trading around $70,600 in early US trading, down about 2.35% in the past 24 hours. lost 4.7% while was down about 5%.
Despite today’s slump, the original cryptocurrency have climbed over 8% this week. Moreover, spot Bitcoin ETFs saw strong inflows, pulling in $893 million on Wednesday for its second day in a row above the $850 million threshold. Most of this demand was led by BlackRock (NYSE:)’s IBIT, which alone brought in $872 million.
With earnings season underway, traders are also gearing up for the U.S. presidential election and key economic reports, like next nonfarm payrolls numbers, looking for hints on rate cuts from the Federal Reserve.
“Stocks are sliding in the US this morning for a variety…
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