![[Bitop Review] AI Drives Tech Stocks to Continue Strengthening, While Crypto Market Experiences Sharp Decline, with Network-Wide Liquidation...](/api/image-proxy?url=https%3A%2F%2Facademy-public.coinmarketcap.com%2Fsrd-optimized-uploads%2F479302cde99040c0996d5dbc934805b6.jpg)
Wall Street continued the upward momentum from October, sustaining gains on the first trading day of November amid the ongoing strength in artificial intelligence trades. However, the cryptocurrency market fell by 4.29%, with the total market capitalization retreating to $3.54 trillion. Bitcoin's dominance reached 60.25%, as investors shifted to safe-haven assets amid whale sell-offs and DeFi security concerns. Bitcoin (BTC) dropped from a low of 110K to above 105K on Monday, while other major cryptocurrencies saw even steeper declines: Ethereum (ETH) fell over 7% yesterday, XRP and BNB dropped over 8%, and SOL plunged more than 10%. Network-wide liquidations approached $1.15 billion.
November Starts on a Positive Note, with AI Stocks Continuing to Lead the Rally
Microsoft announced on Monday that it has obtained an export license from the Trump administration, allowing it to export Nvidia chips to the United Arab Emirates. Following the announcement, Nvidia's stock price continued to rise, prompting investors to further flock to the artificial intelligence trading sector. OpenAI signed a $38 billion deal with Amazon and will immediately begin using Nvidia's graphics processing units, leading Amazon's stock to close up 4% on Monday, hitting a new all-time high.
Wall Street stocks just concluded the first trading day of November, extending the gains from October. These increases were partly fueled by the sustained strong momentum in artificial intelligence trades, as well as signs of easing tensions in U.S.-China trade relations.
As of now, more than 300 S&P 500 constituent companies have reported third-quarter earnings. According to FactSet statistics, over 80% of these companies exceeded expectations. This week, Wall Street will see earnings reports from over 100 companies, including AI players Palantir and AMD.
Wall Street may experience seasonal gains this month, with the S&P 500 index averaging a 1.8% increase in past Novembers.
Bitcoin Drops to 106K, with Network-Wide Liquidations Approaching $1.15 Billion
The cryptocurrency market declined by 4.29%, with the total market capitalization falling back to $3.54 trillion. Bitcoin's dominance reached 60.25%, as investors turned to safe-haven assets amid whale sell-offs and DeFi security concerns.
BTC dropped from a low of 110K to above 105K on Monday, while other major cryptocurrencies experienced even greater losses: Ethereum (ETH) fell over 7% yesterday, XRP and BNB dropped over 8%, and SOL plunged more than 10%. In the past 24 hours, the cryptocurrency market saw up to $1.15 billion in positions liquidated, with ETH leading at $290 million, followed by BTC at $286 million, and long positions suffering the most.
