Bitcoin holds $76K as markets price in US political gridlock — SkimNews
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- Bitcoin held above $76,300 ahead of the US trading session, with prices circling $77,000 on Tuesday, according to TradingView data.
- Apple pared premarket losses after forecasting December quarter gross margins of 45% to 46%, down from 47.9% last quarter due to rising memory-chip costs.
- S&P 500 and Nasdaq Composite closed Monday down 0.5% and 1.1%, respectively, as analysts attributed weakness to political uncertainty over the midterm elections.
- The Kobeissi Letter stated the market is pricing in two years of political gridlock, driven by anticipated legislative impasses from a divided Congress.
- WTI crude oil dipped below $94 per barrel on Tuesday, hitting its lowest level since Oct. 15, despite a US attack on Iran’s Qeshm Island.
Why it matters: Markets are reacting to political uncertainty as much as economic fundamentals, with equities and Bitcoin moving on expectations of a divided Congress. The drop in oil prices despite geopolitical escalation suggests investors prioritize US policy stability over regional conflict risks, altering risk calculus for energy and tech assets.
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