Crypto and tech indices close out a rough week

It was a tough week for major indices, which saw declines across the board. The tech-heavy S&P 500 fell by 2.4%, and the Nasdaq dropped 3.8%. Bitcoin (BTC) was particularly hard-hit, falling 5.2% and briefly reaching the $80,000 level. Despite strong earnings from Nvidia, market reactions were downward, possibly influenced by an increase in the unemployment rate to 4.4% and a significant drop in expectations for a rate cut in December. All crypto sectors finished in the red, with Crypto Equities and Miners suffering the most, declining by 10.3% and 13.2%, respectively. Monthly performance was grim, with declines of 17.6% for HOOD, 27% for COIN, and 38% for GLXY. However, Solana (SOL) ETFs remained a bright spot, achieving 14 consecutive days of inflows following the launch of BSOL, amid skepticism around the pivot to AI in mining.

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