Bitcoin rallied this past week by more than 14%, briefly topping $35,000 on Tuesday, its highest level since May 2022, then drifted down to roughly $34,000. Still, Bitcoin was up some 30% in two weeks.
Traders flocked to gold as conflict in the Middle East erupted. While proponents long dubbed Bitcoin “digital gold,” it hasn’t always performed as a haven asset. But that may be changing. “In an analysis from 2015 onward, Bitcoin has responded positively to increased geopolitical risk,” says Butterfill.
Companies China said it was investigating Foxconn over taxes. The company’s founder, Terry Gou, who holds a 12.5% stake, is running for president of Taiwan. The UAW reached a tentative deal with Ford, which Stellantis and General Motors said they would match. Reuters reported Nvidia was developing PC chips using Arm technology, a threat to Intel. Microsoft beat on cloud earnings; Alphabet struggled with slowing cloud revenues; Meta Platforms more than doubled profits.
Milestones Byron Wien, a longtime strategist at Morgan Stanley, Pequot Capital, and Blackstone, died at 90.Next WeekWednesday 11/1 The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for September. There were 9.61 million job openings on the last business day of August, down from a peak of just over 12 million in March of 2022, but still well above historical averages.
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