Broad Decline in Cryptocurrencies and Bitcoin Below $60,000: The price of Bitcoin fell below the $60,000 level amid
a broad decline in the cryptocurrency market,
which included a sharp drop in Ether, the second-largest cryptocurrency.
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Oil Prices Rise Again on the Back of U.S. Inventory Declines
Oil prices rose in Asia after dropping more than 2% on Tuesday,
as a sector report indicated a further decline in U.S. crude inventories.
Brent crude climbed to around $80 per barrel, while West Texas Intermediate rose above $75 per barrel.
The American Petroleum Institute, funded by the industry,
predicted nationwide inventories would drop by 3.4 million barrels last week,
marking the eighth decline in nine weeks if confirmed by official data later today.
Crude oil prices have taken a significant hit in recent sessions,
with the latest drop following a surge in futures to nearly the 200-day moving average.
Broad Decline in Cryptocurrencies and Bitcoin Below $60,000
Bitcoin’s price fell below the $60,000 level amid a broad decline in the cryptocurrency market,
which included a sharp drop in Ether, the second-largest cryptocurrency.
The largest crypto asset lost more than 6%, marking its most significant drop since the August 5 decline,
before recovering some losses to trade at $59,400.
At the same time, Ethereum lost over 7% before paring back some of the drop to trade at around $2,463.
Major cryptocurrencies gave up the gains made last week after
Federal Reserve Chair Jerome Powell indicated that the U.S. central bank is on track to lower interest rates,
which had reached their highest level in over two decades.
Apple Announces Major Job Cuts in a Rare Move
On Wednesday, U.S. technology giant Apple Inc. announced significant job cuts in its digital services sector,
laying off nearly 100 employees in a move that diverges from Apple’s usual approach, as layoffs are relatively rare.
The cuts primarily affected teams responsible for Apple Books and Apple News,
although other service groups were also impacted.
This decision aligns with Apple’s plan to reduce its focus on the Apple Books service,
which serves its broader strategy, as the company views it as a less critical component of its service portfolio.
Broad Decline in Cryptocurrencies and Bitcoin Below $60,000