TSLbig pump22% drives the market! BTC returns to 68,000, where to next?

Motivated by excellent financial reports and prospects, Tesla's stock price surged 22% on Thursday, marking its best single-day performance since 2013. The US stock market rebounded, with the S&P 500 index rising 0.21%, ending a three-day decline. BTC followed the US stock market's upward trend, reporting at $68,196 at the time of writing, with a rise of over 2% in the past 24 hours. Ethercoin, on the other hand, has shown weakness recently, still hovering above 2,500.

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The US economy is in the ideal state of the "golden-haired girl".

The number of initial weekly unemployment claims unexpectedly dropped to 227,000 people yesterday, while the number of ongoing unemployment benefit claims rose to a nearly three-year high. Due to the distortions caused by Hurricane Helen, the Fed may need to adjust its assessment of recent data.

Another report from S&P Global indicates that the initial output index for the US composite PMI, which tracks the manufacturing and service industries, rose from the final value of 54.0 in September to 54.3 this month, driven by the rise in the service sector, and a value above 50 indicates an expanding trend in the industry.

According to the CME FedWatch Index, investors expect the Fed to cut rates by 25 basis points at the November 7 meeting, with a probability as high as 97%, far above the 41.8% a month ago (when the probability of a 50 basis point cut was 58.2%). This shows that the market believes the current economic situation in the United States is in a "Goldilocks" state, which is neither too hot nor too cold. The Fed will adopt a gradual pace of rate cuts, dropping the funding Intrerest Rate levels for businesses.

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Bitcoin reaches 68K, while Ether performs weakly

Bitcoin rose again with the U.S. stock market, reporting at $68,196 before the deadline, with a 24-hour increase of over 2%. In the short term, we still need to observe whether the $70,000 integer level can be firmly established.

Ethercoin has been weak recently, still hovering above 2,500. SOL/ETH Exchange Rate hit a historical high, KOL Ignas said that with TradFi capital entering BTC, many long-term holders are starting to transfer ETH to new Tokens, as its performance has not attracted enough follow.

Solana's price also surged due to the AI meme, with protocol revenue skyrocketing.

[Disclaimer] The market is risky and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. The responsibility for investment lies with the user.

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