Bitcoin at Lowest Level since 2024, Tech Rout Sinks Stocks, More
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news when you want it with bloomberg news now i'm amy morris bitcoin slide continues now below 67 000 as negative momentum deepens across cryptocurrencies driven by volatility in tech equities and precious metals bitcoin has hit its lowest level since november of 2024 and is down about 45 from its october high bitcoin is now down more than 10 and holding around 65 000 dollars Qualcomm CEO Cristiano Amon discussed the impact of memory constraints on the company's outlook after the largest maker of smartphone processors gave a tepid revenue forecast for the current quarter.
The industry is now defined by the availability of memory that is going to be available for consumer electronics. And it creates a sudden change in how OEMs look at their build plan. And they say, look, I have to size the size of the market, not based on demand, but the memory that I can get for consumer electronics.
Qualcomm CEO Cristiano Amon on Bloomberg Tech. Shares of Qualcomm now down about 8%. Anthropic is releasing a new version of its AI model, Cloud Opus 4.6, designed to carry out financial research and other work-related functions. The release of Opus 4.6 has caused shares of financial services companies to slump, with companies like FaxSet Research Systems and S&P Global turning sharply lower. The week-long sell-off in technology stocks and cryptocurrencies shows no signs of slowing down. Wedbush Securities Managing Director Dan Ives is advising traders to keep a cool head. You'll have these moments four or five times in a year. This is not the end of the AI trade. To me, it's like, look at earnings season, look at structure, look at monetization.
Dan Ives with Wedbush on Bloomberg Surveillance. Weak jobs data and anxiety around the AI trade has exacerbated concerns that have cut about a trillion dollars off of NASDAQ 100 valuations in just one week. We check the markets for you all day long here at Bloomberg. The S&P 500 down more than 1 percent. NASDAQ down 1.4 percent. The Dow down about 1 percent. The 10-year Treasury yield at 4.2 percent and the 2-year yield at 3.47 percent. Hims & Hers says it is expanding its weight loss offerings, adding a needle-free option based at $49 for the first month. The pill has the same active ingredient as Novo Nordisk's Wegovi. Novo's shares are now nearly 8% lower and Eli Lilly's shares are more than 8% lower.
What is the current state of Bitcoin and its recent price drop?
Is it another worrying sign for the labor market? More people filing for unemployment last week than economists expected. Bloomberg's Michael McKee.
A big jump in jobless claims last week to 231,000. The initial claims four-week moving average is at 212,000. And the continuing claims number rises as well to 1,844,000. So jobless claims up last week.
Bloomberg's Mike McKee reports the massive snowstorm in the South and East Coast last week could have affected those numbers. And the outplacement firm Challenger Gray and Christmas released its report on job cut notices this morning. 108,435 job cuts for January. That's the highest total for January. since 2009. And Jolt's data came in lower than expected. The layoffs level was higher than forecast. U.S. job openings fell to the lowest level in more than five years to 6.5 million in December. That's the lowest since September of 2020. Democratic leaders presented their list of demands for reform of immigration enforcement, including that federal agents stop wearing masks. Congressman Brendan Boyle.
The officers here in Philadelphia and indeed every community in the country, they don't wear masks. They're professionals. Their faces are visible. Why is ICE any different? Why is ICE acting like they're somehow above the law? Why should they get special treatment?
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