Bitcoin holds above $80,000 as Brent slides below $110 and Brazil stocks sink
In brief
- Bitcoin held just above $80,000, according to CoinDesk's Oct. 26 live markets update.
- Brent crude fell more than 6% from Friday's high to just below $110 a barrel.
- Brazil's stock market fell 20% after Lula secured a fourth term, CoinDesk reported.
- Microsoft and Amazon report earnings this week, alongside Fed, BOJ and ECB rate decisions.
Oil slides on US-Iran deal hopes
Brent crude was down more than 6% from Friday's high, trading just below $110 a barrel, CoinDesk reported. The outlet tied the decline to hopes of a deal between the US and Iran, which it said eased fears of further escalation.
It's hope of a deal, not a deal.
On the diplomatic side, CoinDesk cited the Financial Times, which reported that Iran is hosting officials from Saudi Arabia, Pakistan and Turkey following a visit by Qatari officials. Neither report described an agreement as reached.
Brazil stocks sink after Lula's win
Brazil was a different story. According to CoinDesk, Brazil's stock market fell 20% after President Luiz Inácio Lula da Silva secured a fourth term in office, and the iShares MSCI Brazil ETF was down 26% in pre-market trading. That's a steep move for a single country fund (CoinDesk didn't add further detail on the drivers, and we're not going to guess at them here).
Bitcoin, gold and the dollar steady before a crowded week
Elsewhere the picture was calmer. Gold traded slightly above $4,000 an ounce, the US Dollar Index stayed just below 102 and the US 10-year Treasury yield sat just below 5%, per the same CoinDesk update. The Invesco QQQ Trust was flat in pre-market trading despite persistent concerns about the AI trade.
Bitcoin sat just above $80,000.
All of these figures are approximate and reflect CoinDesk's Oct. 26 snapshot, so they'll have shifted since. What's fixed is the calendar: Microsoft and Amazon report quarterly numbers this week, and the Fed, the BOJ and the ECB each deliver rate decisions in the same stretch. CoinDesk's update didn't offer a forecast for any of those events, and we don't either.
