Bitcoin Holds Near $83,000 After Recovering From Overnight Drop

The third-quarter U.S. corporate earnings season begins today, with major companies including Goldman Sachs, JPMorgan and UnitedHealthcare reporting results. Investors are also preparing for the key U.S. Consumer Price Index (CPI) report due tomorrow.

Wells Fargo CEO says the economy remains resilient

Wells Fargo (WFC) CEO Charlie Scharf said consumers and businesses continue to perform well as the bank released its third-quarter earnings.

“Our data shows that our consumer and business customers are doing well,” Scharf said.

He noted that consumer spending has increased, loan delinquencies remain low, and deposit and investment balances have expanded.

Businesses are also maintaining strong balance sheets, with losses staying limited, according to Scharf. He acknowledged that elevated interest rates, rising oil prices and persistent inflation pose risks, but said investment in AI infrastructure, strong employment and steady wage growth continue to provide support for the economy.

Wells Fargo shares edged lower in premarket trading despite earnings per share beating expectations, as revenue fell short of estimates.

Cipher Digital falls 13% after announcing debt offering

Cipher Digital (CIFR), which has shifted from Bitcoin mining toward data center operations, announced plans to issue $850 million in convertible notes due in 2032. The debt carries a zero-percent coupon.

The announcement weighed on investor sentiment, sending the company’s shares down approximately 13% in premarket trading.

Strive adds 3,311 Bitcoin to its holdings

Strive (ASST), led by Matt Cole, purchased 3,311 Bitcoin last week, increasing its total holdings to 32,773 BTC.

The roughly $275 million acquisition was financed through sales of the company’s SATA preferred stock and cash generated by the exercise of warrants for its common shares.

ASST shares have fallen nearly 10% in recent sessions, partly reflecting the impact of those warrant exercises. The stock was unchanged in premarket trading on Tuesday.

Arthur Hayes questions the business case for tokenization

Crypto veteran Arthur Hayes raised questions about how blockchain-based tokenization can generate meaningful profits, despite its potential to improve recordkeeping and asset transfers.

Hayes described moving traditional securities from the Depository Trust & Clearing Corporation (DTCC) onto a blockchain and questioned how much revenue such a change could ultimately produce.

He argued that better bookkeeping alone does not explain where the commercial value of tokenization will come from, identifying profitability as a longstanding challenge for the sector.

However, Hayes also acknowledged that investors may still participate in a market rally, suggesting that traders could buy tokens if influential Wall Street contrarians begin endorsing the strategy.

Bitcoin’s rebound from its 50-day average signals buying interest, FxPro says

Bitcoin’s price recovered after a wave of stop-loss orders pushed it down to around $81,000 early Tuesday. The decline brought BTC back to its 50-day moving average before buyers drove it toward $83,700.

Stop-loss orders automatically sell assets when prices reach predetermined levels. When many such orders trigger simultaneously, they can accelerate a market decline. Bitcoin’s 50-day moving average, which tracks its average closing price over the previous 50 days, is a closely watched indicator of the medium-term trend.

Buyers defended that level on Tuesday, repeating a pattern seen last Thursday, when Bitcoin reached a low near $80,400.

Alex Kuptsikevich, chief market analyst at FxPro, said the rebound demonstrated how quickly Bitcoin can recover after leveraged long positions are liquidated.

He suggested that BTC could advance toward $85,000 and potentially retest $87,000, the upper boundary of its previous week’s trading range, if the latest decline proves to be a healthy correction. The rapid recovery may also indicate improving investor appetite for risk, although confirmation from other markets is still needed.

Bitcoin rebounds toward $84,000 as ZEC and HYPE lead altcoin declines

Bitcoin traded through a roughly $3,000 range over the past 24 hours. After falling to approximately $81,000 during early Asian trading, the cryptocurrency rebounded above $84,000 before trading near $83,500 early Tuesday.

Most major altcoins failed to match Bitcoin’s recovery. ZEC led the declines, falling nearly 8% to around $1,210, while HYPE dropped almost 6% to approximately $82. Solana (SOL) and Dogecoin (DOGE) each lost around 4%, and XRP declined roughly 3% to $1.36. Ether and BNB slipped between 1% and 2%, according to CoinDesk data.

The Crypto Fear & Greed Index, which measures overall cryptocurrency market sentiment, dropped to 57. Although the reading remained in the “greed” category, it marked the index’s lowest level since September 18.

Meanwhile, pressure on semiconductor stocks continued for another session. Nasdaq 100 futures fell 0.5%, while an exchange-traded fund tracking chipmakers headed toward its sixth consecutive daily decline. Investors questioned whether the rapid expansion of AI spending could continue amid safety concerns and signs of financing pressure.

JPMorgan shares fell more than 2% in early trading following the release of its earnings, which marked the opening of the U.S. reporting season. In Europe, the Stoxx 600 advanced 0.4%, supported by declining oil prices and bond yields.

The next major catalyst for financial markets is Thursday’s U.S. inflation report, which could influence expectations for interest rates and the outlook for risk assets.

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