02/10/2024 Evening Reports
Bitcoin speculators hoping for a strong October start were met with disappointment as rising tensions in the Middle East triggered caution across global markets. The digital asset dropped 4.7% on Tuesday, its biggest fall in nearly a month, following Iran’s missile strikes on Israel. Although Bitcoin rebounded slightly, it has shed around 4% in the first two days of October, diverging from its typical strong performance this month.
Despite the setback, some analysts remain optimistic, citing the Federal Reserve’s rate cuts and potential crypto-friendly policies from the upcoming U.S. election. However, the escalating conflict and global macroeconomic concerns continue to weigh on risk assets, with Bitcoin increasingly moving in line with equities.
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Geopolitical Tensions Weigh on Markets as US Futures Drop and Treasuries Retreat
US futures declined, and Treasuries lost ground as escalating tensions in the Middle East, particularly Israel’s expected response to Iranian missile strikes, unnerved markets.
Investors shifted from optimism about central bank easing to a more cautious stance, driving the VIX higher.
The S&P 500 futures slipped by 0.2%, while 10-year Treasury yields rose to 3.78%.
Oil prices surged, nearing $76 a barrel, as the threat of broader conflict in the region loomed, impacting energy markets.
Meanwhile, upcoming US labor market data remains a key focus for assessing the health of the economy.
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