Stock markets were awash in green as several companies blew past analysts’ expectations on Tuesday. The S&P 500 notched another fresh intraday high after companies such as Paypal and UPS posted strong Q3 earnings, sending their respective stocks higher. Bitcoin, which had sunk to $113K during after-hours trading, climbed to $116K in the morning, before settling around $115K later in the afternoon.
Positive private sector job growth reported by Human Resources firm ADP also boosted equities. The firm reported “an average increase of 14,250 jobs in the four weeks ending on October 11.” With the U.S. federal government shutdown now on its 28th day, the publishing of almost all economic data, including employment statistics, has been suspended. ADP, which releases monthly private sector jobs reports, announced that it will now fill the void left by the government by publishing weekly employment data as well.
But the real stars of the show were the companies that released strong financials and announced lucrative deals that gave traders confidence that the firms’ stock prices will have upside down the road. Paypal, for example, announced a partnership with OpenAI that will see the payment provider being integrated with OpenAI’s platforms. Paypal’s stock soared 13% after the announcement.
“We’ve got hundreds of millions of loyal Paypal wallet holders who now will be able to click the ‘Buy with Paypal button’ on ChatGPT and have a safe and secure checkout experience,” said Paypal CEO Alex Chriss in an interview with CNBC.
Bitcoin was down 0.47% at the time of reporting, trading at $114,732.87 after previously falling to $113,566.80 after hours before briefly climbing to $116,078.99 earlier in the morning. The cryptocurrency has fared slightly better on a weekly basis, inching up 0.88% since last week, according to data from Coinmarketcap.
( BTC price / Trading View)
Twenty-four-hour trading volume eased 12.37% to $53.05 billion and market capitalization, which moves with price, was also down 0.47% at $2.28 trillion. Bitcoin dominance rose 0.32% to reach 59.91% over 24 hours.
( BTC dominance / Trading View)
The total value of bitcoin futures open interest shed 0.67% to reach $75.38 billion for the day, according to Coinglass data. Liquidations were relatively tame over 24 hours, totaling $72.89 million. Long investors were liquidated to the tune of $45.20 million while short sellers lost a smaller $27.87 million.
- Why did Bitcoin briefly touch $116K?
Stronger-than-expected corporate earnings and investor optimism in equities lifted crypto sentiment. - Which companies drove the market rally?
Paypal and UPS beat Q3 forecasts, with Paypal soaring 13% after announcing an OpenAI partnership. - How did broader markets respond?
The S&P 500 hit another intraday record as traders cheered upbeat earnings and private job growth. - What’s next for bitcoin and stocks?
With risk appetite returning, analysts expect both markets to remain buoyant if earnings momentum continues.
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