Bitcoin made modest gains at the start of Wall Street trading on Tuesday as markets awaited cues from the US midterm elections.
Bitcoin (BTC) headed higher at Tuesday’s Wall Street open as a tech-stock rebound under the shadow of uncertainty surrounding the US midterm elections.
Data from TradingView showed BTC/USD circling $77,000, continuing to retain local lows near $76,300 seen on Friday.
Stocks faced conflicting forces at the start of the US trading session. Apple shares sought to pare losses after falling 4% in premarket trading as the company forecast gross margins of 45% to 46% for the December quarter, down from 47.9% in the previous quarter, citing rising memory-chip costs.
Markets also weighed the potential impact of the US midterm elections on the balance of power in Congress. Although polls suggested significant Democratic gains, some analysts cautioned that the results could be less decisive than expected.
“Investors seem to have a significant dose of skepticism about whether the final outcome is going to be quite as favorable to Democrats as the polling suggests,” Tobin Marcus, head of US policy and politics at equity research company Wolfe Research, told CNBC. Wolfe added that polls were “likely overstating Democratic strength.”
The S&P 500 and tech-heavy Nasdaq Composite Index finished Monday down 0.5% and 1.1%, respectively. Analysts at trading resource The Kobeissi Letter argued that US political uncertainty, rather than concerns over AI spending alone, was driving market weakness.
“The reality is that the market is pricing-in a major shift in the political landscape of the US,” it wrote on X.
Source link
