Bitcoin dips below 16,000 for the first time since 2020

After three days of gain, North American equities fell on Wednesday following the disappointing third-quarter corporate earnings and the new round of rout in the crypto market. S&P 500 and Nasdaq are down 0.3% and 1.63% while Canada’s S&P/TSX composite is gained 0.35% in the past five days. Canada’s better performance is coming from higher oil prices compared to a month ago.

 

The crypto market ignited the risky asset sell-off today with the news of the crypto exchange FTX being sold to its biggest rival Binance as the exchange is concerned with the level of existing liquidity and trading on its platform. The news pushed Bitcoin and Ethereum down 13%. Bitcoin fell below US16,000 for the first time since 2020.

 

The markets are now eying Thursday’s US inflation report for October which is key and expected to show a cooldown in prices. Food and energy prices have been the biggest gainers in the past months.

 

The US dollar also gained after days of decline and crude oil prices which managed to gradually crawl over US90 a barrel declined to US85 again as the fear of next year"s recession is getting stronger.