CandleFocus

US stocks tumble as Bitcoin remains stuck at $95k. Is the Santa Rally already over?

The Santa Claus rally on Wall Street has been underwhelming, with flat stock performance and stagnant Bitcoin prices. The Dow saw a small gain, while the S&P 500 and Nasdaq remained relatively unchanged. Treasury yields have surged, posing a challenge for growth stocks, especially tech giants. Mixed economic data, Federal Reserve signals, and geopolitical tensions have dampened hopes for a December rally. The dominance of mega-cap tech stocks in the S&P 500 is a concern. Meanwhile, Bitcoin has been trading within a narrow range between $92,500 and $96,000, with the entire crypto market feeling sluggish. Analysts attribute this to profit-taking and tighter liquidity due to the Fed's hawkish stance. Institutional interest in Bitcoin remains, but the stagnation is painful for average traders. The future is uncertain, with doubts about whether the Santa Claus rally will stage a comeback and if Bitcoin will break free from its $95,000 level.

Related News