Bitcoin, Stocks Rally on GM, 3M Earnings Beat — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin gained 1.5% to briefly hit $83,300, its highest level since October 14, before retreating toward $82,000.
- General Motors and 3M beat Q3 earnings expectations, with 3M also raising its profit forecast, driving a market rally.
- The Dow Jones Industrial Average rose 1.2% to its highest level since September 14, while the S&P 500 and Nasdaq Composite also traded higher.
- U.S. WTI crude oil spiked above $100 per barrel before falling sharply below $96 around the start of the U.S. trading session.
- Crypto markets saw $125 million in short liquidations within an hour as Bitcoin's price spike broke through a wall of ask liquidity.
Why it matters: The simultaneous rally in crypto and equities, fueled by traditional industrial earnings, suggests a broadening of market optimism beyond tech. For traders, Bitcoin's defense of its 50-day moving average near $81,570 and the surge in short liquidations signal strong underlying demand despite recent volatility.
Ask SkimNews
