Summary
- Crypto roundup for Tuesday portrays cautious sentiment as optimism surrounding the U.S. government reopening and Sino-American trade fades.
- Bitcoin snaps two-day uptrend, Gold hits two-week high, but U.S. Dollar slides.
- Market players prepare for Wednesday’s showdown in the U.S. House of Representatives, but ignore China’s trade-positive news.
- Wall Street pares previous gains after Nasdaq’s best day since May.
- Major cryptocurrencies drift lower, snapping a two-day winning streak, amid mixed sentiment.
- U.S. bank holiday restricts market momentum, favoring the latest consolidation in prices.
Crypto Roundup for Tuesday: Market Sentiment Remains Dull
Market optimism surrounding the U.S. government reopening fades as traders reassess the odds of a quick resumption of the data releases and their impacts. Adding to the dim sentiment could be downbeat third-tier U.S. data and mixed statements from the Federal Reserve (Fed) officials. Notably, China’s trade-positive measures struggle to defend the optimists amid a partial holiday in the U.S., as the debt markets are closed, but not the equities.
With this, Bitcoin (BTC) snaps a two-day winning streak while falling back to $104,100, whereas Gold price hits a two-week high near $4,150, before retreating to $4,130 as we write. That said, the U.S. Dollar Index (DXY) drops to a week’s low and Wall Street drifts lower.
Although U.S. Senate Majority Leader John Thune is “locked in” for the bill to overcome the historical shutdown, anticipated drama in the House of Representatives, where the vote is scheduled for Wednesday at 4 p.m. Eastern Time, seems to test the optimism of late.
Elsewhere, a slew of third-tier U.S. data rolled out during a lackluster day and joined mixed Fed statements to test the market’s previous optimism.
Talking about data, the U.S. NFIB Small Business Optimism Index for October eased to 98.2 from 98.8, versus 98.3 expected, close to the 52-week average of 98.00. More importantly, the Uncertainty Index hit the lowest reading of, 2025 by 12 points from September’s reading to 88.00 for October. Furthermore, the U.S. Automatic Data Processing (ADP’s)latest series of Weekly Employment Change flashed downbeat figures, namely -11,250 a week in the four weeks ending October 25.
On the Fed side, San Francisco Fed President Mary Daly said monetary policy is “in a good place,” while Federal Reserve Governor Stephen Miran, a Trump nominee, suggested a more accommodative approach. Meanwhile, St. Louis Fed President Alberto Musalem noted that economic uncertainty has leveled off, with the labor market cooling slightly but remaining broadly healthy.
In the case of China trade measures, Beijing plans a new system to fasten rare earth exports to several U.S. entities.
Crypto, Equity Update
Cryptocurrency traders pare early-week gains as markets prepare for confirmation of the U.S. reopening. Also testing the bulls is the anxiety surrounding the backlog of the U.S. data due to the historical shutdown. In doing so, the digital assets failed to justify the upbeat industry news.
That said, Bitcoin (BTC) and Binance Coin (BNB) drop over 1.0%, but Ethereum (ETH) looks slightly less bearish, posting modest losses by press time. Further, Ripple (XRP), Dogecoin (DOGE), and Solana (SOL) slide over 2.0% each.
Notably, Canton Network (CC) posted a 30% fall in the last 24 hours, while Zcash (ZEC) slumped about 20% and Dash (DASH) marked a 15% downside during the said timeframe.
Meanwhile, Uniswap (UNI) drops over 10%, after a 40% rally on Monday, whereas Aerodome Finance (AERO) rose 16% during the last 24 hours, and Tron (TRX) adds 1.0% for the same period.
On a broader front, crypto market capitalization (market cap) fell 0.93% on the day to $3.54 trillion, but the Bitcoin Dominance remains unchanged at 59.2% during the last 24 hours, according to CoinMarketCap data.
That said, some of the top crypto news are as follows, while more updates like this could be traced to our Coin Bytes.
Two U.S. Senators put forward a bill proposing to shift cryptocurrency oversight from the U.S. Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). The move gained industry accolades and may become the law, considering U.S. President Donald Trump’s favor for the same.
Elsewhere, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) introduced a tax safe harbor to allow the crypto Exchange-Traded Products (ETPs) to stake assets without triggering corporate tax treatment, flashing positives for the crypto market.
That said, Italian banks have expressed support for the European Central Bank’s (ECB) plan to introduce a digital euro but are urging that implementation costs be spread over time to avoid pressure on their balance sheets.
Also Read: Italian Banks Back Digital Euro But Warn of Trouble Ahead; What’s Going On?
Meanwhile, Balancer Labs proposed disabling all v2 pool factories and encouraging users to move onto v3 following the late October’s unfortunate security breach.
Read Details: Balancer v3 Proposal Seeks to Disable v2 Pool Factories Following Security Incident
A Nasdaq-listed cancer treatment developer, Propanc Biopharma, unveiled a digital asset acquisition strategy backed by $100 million in funding from family office Hexstone Capital.
Additional Details: Propanc Biopharma Digital Asset Acquisition Strategy Backed by $100M Funding
Square Bitcoin Payments is officially available for over 4.0 million U.S. merchants outside New York from today. Details of the news also mentioned that Jack Dorsey’s payment platform enables instant, fee-free Bitcoin transactions via Lightning Network in landmark mainstream adoption move.
Read More: Square Bitcoin Payments Now Live! 4M U.S. Businesses Now Transact Crypto
On a developmental side, Oman’s National Digital Economy Program, aligned with Oman Vision 2040, eyes to increase the digital economy’s share of GDP from around 3% this year to 10% by 2040.
Also Read: Oman Steps Up Efforts To Grow Digital Economy, Targets 10% Of GDP Under Vision 2040
In the case of U.S. equities, Wall Street portrays the traders’ cautious mood, after an upbeat day, as the Dow Jones posts mild gains, while the S&P 500 and the Nasdaq Composite both drop 0.20% and 0.40%, respectively, during the initial hour of trading.
On Monday, Wall Street began the trading week on a strongly positive note and kept the gains rolling by the end of the day. That said, the Nasdaq Composite posted its best session since May 27, by rising 2.27% on the day, while the S&P 500 Index gained 1.54%, and the Dow Jones rose 0.81% during the said timeframe.
- Gold posts a four-day winning streak, posting a two-week high near $4,100 as we write.
- Bitcoin (BTC) hits a weekly top, up for the second consecutive day near $106K by press time.
- Ethereum (ETH) edges higher, struggles to defend two-day winning streak near $3,600 at the latest.
- U.S. Dollar Index (DXY) dribbles, stalling a three-day losing streak but lacking recovery momentum near 99.60.
- Wall Street benchmarks rise, with the Dow Jones up 0.50%, but the S&P 500 and the Nasdaq rise more than 1.0% on the day.
- WTI Crude Oil fades in recovery, modestly down near $59.70 as of our writing.
Likely Consolidation Ahead…
With bank holidays in the U.S., as well as the lack of major data, the crypto roundup is likely to be sluggish. Still, political developments will be in the spotlight as traders eye progress toward ending the historic U.S. government shutdown. Still, the market’s latest conditions and a lack of major data, as well as the waiting period before Wednesday’s voting in the House, could allow traders to consolidate previous
