Tech Stocks Earnings Reports Fail to Reverse the Trend, Employment Data Turns from Positive to Worrying
Despite NVIDIA announcing a stunning third-quarter revenue exceeding $57 billion, CEO Jensen Huang personally dismissed the "AI bubble theory," which temporarily halted the decline in the US stock market. However, this wave of optimism has not spread to the cryptocurrency market. On the contrary, Bitcoin has continued to decline in recent months, breaking below the daily upward trend line, with technical indicators showing an accelerating downward pattern.
In September, the US non-farm payroll added 119,000 jobs, surpassing market expectations of 50,000. On the surface, this appears to be a positive signal. However, the unemployment rate rose to 4.44%, increasing month over month, indicating potential underlying concerns in the labor market. Analysts point out that this data will be an important reference for the Federal Reserve's interest rate decision next month, with market focus shifting to the expectation of "whether the Federal Reserve will initiate a preemptive rate cut in December."
Institutional withdrawals, whale sell-offs, retail investors on the sidelines — the crypto market