Live news: Bitcoin faces fifth weekly loss as midterm elections weigh on markets

Bitcoin heads for joint third-longest weekly losing streak as eyes turn to midterms

Bitcoin is currently on course for its fifth consecutive weekly decline, which would mark its joint third-longest losing streak on record, although it is only Tuesday. Across weeks 40 to 44, bitcoin has fallen from around $87,000 to roughly $76,500. Its longest losing streak lasted eight weeks in 2022, between weeks 14 and 21, while earlier this year it recorded six consecutive weekly losses, from weeks 3 to 8.

Tuesday’s U.S. midterm elections add another layer of uncertainty to markets already under pressure from technology stocks and geopolitical tensions. WTI crude has rebounded 2% to around $98 a barrel, while Brent is back above $106 following reports of U.S. strikes on Iran’s Qeshm Island on the eve of the vote.

Apple AAPL$338.60·Market Closed, valued at just under $5 trillion, beat earnings and revenue expectations on Monday for its fiscal fourth quarter. However, warnings that an “unprecedented” rise in memory chip prices and the cost of serving its AI tools would squeeze margins overshadowed the results. Shares are down around 5% in premarket trading.

Precious metals have also reversed Monday’s gains. Gold is down 1% to around $3,900 an ounce, while silver has fallen 3.5% to below $49. Despite the broader uncertainty, the Invesco QQQ Trust QQQ$681.09·Market Closed is slightly higher in premarket trading.