Market Overview - Bitcoin has experienced a significant downtrend, currently trading at $89,881, down 2.4% over the last 24 hours, undoing most of its early-year gains [1] - The total cryptocurrency market capitalization has decreased by 2.6%, falling from a peak of $3.305 trillion [1] Liquidation and Investor Sentiment - Total liquidations in the past 24 hours have surpassed $477 million, with over 90% of these being long positions [2] - Ethereum and XRP have also seen declines of 3.9% and 7.6%, respectively, while meme coins like Pepe and Bonk have dropped by 6.6% and 8% [2] Analyst Insights - Analysts indicate that Bitcoin's drop below $90,000 reflects a loss of momentum from earlier in the year, despite initial positive factors [3][4] - Broader risk-off sentiment in global markets is contributing to muted risk appetite among investors, particularly as they await key macroeconomic data [5] Market Conditions - Investor sentiment remains low, with only a 24.5% chance assigned for Bitcoin to reach a new all-time high before July [6] - Recent outflows from U.S. Bitcoin ETFs amounting to $243 million have further reinforced the pullback in prices [6][7] Liquidity Issues - The crypto market is facing thin liquidity, which is causing volatile price movements, and this condition is noted to be thinner than in previous bull phases [7][8]

Economic Indicators - The US ADP employment change for September unexpectedly fell by 32,000, marking the largest decline in 2.5 years, with August revised lower to a loss of 3,000 from a previously reported gain of 54,000 [2] - The MBA mortgage applications decreased by 12.7% for the week ending September 26, with the purchase mortgage sub-index down by 1.0% and the refinancing sub-index down by 20.6% [2] - The average 30-year fixed mortgage rate rose by 12 basis points to 6.46% from 6.34% in the prior week [2] Stock Market Performance - Stock indexes continued to decline due to signs of a weakening US labor market, with the S&P 500 down by 0.18%, the Dow Jones down by 0.19%, and the Nasdaq 100 down by 0.27% [5] - The government shutdown led to a risk-off sentiment in stocks, causing the dollar index to fall to a one-week low and gold prices to reach a record high [4] Corporate Earnings Expectations - More than 22% of S&P 500 companies provided guidance for Q3 earnings that are expected to exceed analysts' expectations, the highest in a year [6] - S&P companies are projected to achieve 6.9% earnings growth in Q3, an increase from 6.7% at the end of May [6] Company-Specific Movements - Corteva (CTVA) shares fell over 5% after announcing plans to split its seed and pesticide businesses [12] - Viasat Inc (VSAT) declined more than 3% following a downgrade by Barclays [12] - AES Corp (AES) shares rose over 13% on news of potential acquisition talks by BlackRock's Global Infrastructure Partners [14] - Nike (NKE) increased more than 3% after reporting Q1 revenue of $11.72 billion, surpassing the consensus of $11.02 billion [15]