Bitcoin traded higher at the start of Tuesday’s Wall Street session, climbing 0.7% alongside a rebound in technology stocks, despite continued concerns over the outcome of the US midterm elec
Bitcoin traded higher at the start of Tuesday’s Wall Street session, climbing 0.7% alongside a rebound in technology stocks, despite continued concerns over the outcome of the US midterm elections.
BTC/USD hovered near $77,000, maintaining its position above local lows around $76,300 recorded on Friday. The move upward followed gains in broader US equity markets, which avoided a sharp decline even as investors monitored the unfolding political situation. According to analysis from The Kobeissi Letter, financial markets have already priced in two years of heightened political uncertainty based on projections of Democratic gains in Congress.
Some analysts warned that the final results may not deliver as clear a victory for Democrats as polls indicate. Tobin Marcus, head of US policy and politics at Wolfe Research, suggested that market sentiment reflects widespread skepticism regarding the strength of Democratic polling numbers.
“Investors seem to have a significant dose of skepticism about whether the final outcome is going to be quite as favorable to Democrats as the polling suggests,” Wolfe Research’s Tobin Marcus told CNBC, adding that polling may be “overstating Democratic strength.”
The Kobeissi Letter emphasized on X that political uncertainty remains a primary driver of recent market weakness, stating, “The reality is that the market is pricing-in a major shift in the political landscape of the US.”
Analysts noted that a divided Congress could result in legislative gridlock, heightening policy unpredictability and adding to market anxiety.
Mini dictionary: The Kobeissi Letter is a widely followed financial markets analysis firm known for commenting on macroeconomic trends, political events, and their effects on markets, particularly via social media updates and newsletters.
Tech stocks faced mixed conditions at the start of trading. Apple attempted to recover after a 4% drop in premarket trading, following the company’s forecast of gross margins between 45% and 46% for the December quarter, down from 47.9% in the previous period. The company cited increasing memory chip costs as a key factor impacting its profitability outlook.
Major indices also showed volatility in response to these developments. The S&P 500 ended Monday’s session down 0.5%, while the tech-heavy Nasdaq Composite fell 1.1%.
Index/Stock Monday Change Notes S&P 500 -0.5% Broad equity index Nasdaq Composite -1.1% Tech sector weighted Apple (Premarket) -4% Lower margin guideEnergy markets displayed resilience despite geopolitical shocks. West Texas Intermediate (WTI) crude oil dropped to $93.59 per barrel on Tuesday, its lowest level since October 15, even as the US conducted airstrikes on Iran’s Qeshm Island, a strategic site near the Strait of Hormuz—a crucial shipping route for global oil exports.
The fall in oil prices followed comments by US Secretary of State Marco Rubio, who remarked that President Donald Trump was open to diplomatic talks with Iran, triggering a 7% decrease in WTI crude on Monday. Although WTI briefly spiked to $98.80 per barrel, it quickly retreated below $94, underscoring markets’ cautious reaction to both geopolitical and domestic pressures.
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