Bitcoin gained around 0.7% as US trading began on Tuesday, with BTC hovering near $77,000 and holding above local lows around $76,300 recorded on Friday, according to TradingView data. A rebound in technology stocks offered support as markets awaited signals from the US midterm elections.
US equities faced competing pressures. Apple shares attempted to recover after falling 4% in premarket trading. The company forecast gross margins of 45% to 46% for the December quarter, below the previous quarter’s 47.9%, citing higher memory-chip costs.
Investors were also assessing the possible effect of the election on control of Congress. Polls pointed to potential Democratic gains, though some analysts said the outcome could be less decisive than expected. Tobin Marcus of Wolfe Research told CNBC that investors were skeptical the results would be as favorable to Democrats as polling suggested, and the firm said polls might overstate Democratic strength.
The S&P 500 and Nasdaq Composite fell 0.5% and 1.1%, respectively, on Monday. The Kobeissi Letter argued that political uncertainty was contributing to market weakness, saying investors were pricing in the possibility of two years of legislative gridlock and less predictable policy decisions.
Oil prices moved lower despite a US strike on Iran’s Qeshm Island, described in the report as a key military control point near the Strait of Hormuz oil route. WTI crude initially rose to $98.80 per barrel before falling below $94 on Tuesday, reaching $93.59—its lowest level since Oct. 15. The decline followed a 7% drop on Monday after US Secretary of State Marco Rubio said President Donald Trump was open to resolving the US-Iran war diplomatically.
Sources: Cointelegraph.