Declines in tech and crypto sectors close out a turbulent October – Crypto News – Crypto News
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Declines in tech and crypto sectors close out a turbulent October Declines in tech and crypto sectors close out a turbulent October

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Declines in tech and crypto sectors close out a turbulent October – Crypto News

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7 months ago

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Halloween came early, with markets getting spooked. As we wrap up October, it’s fair to say this month has been a rollercoaster of sharp rallies and steep drawdowns. I’ve seen plenty of posts on CT about people wanting to take a break, and honestly, I recommend it, but don’t leave for good.

Take a moment to reflect on the year and where your edge truly lies so that 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.

Indices

The trend we’ve seen throughout the month continued to play out yesterday, with gold up 1.96% while the Nasdaq, S&P 500, and 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 Fed’s hawkish tone continues to weigh on markets, with the odds of a rate cut in December now sitting 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 in downturns continued, with Crypto, Equities and Miners down only -0.7% and -1.73%, respectively.

The weakest performers were L2 and Launchpad, down -8.9% and -8.7%, respectively, on the day. The Launchpad sector was hit hard by Pump, which makes up 56% of the index. It 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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