💸Bitcoin hits $70K amid huge ETF inflow streak

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Let's see what we’ll discuss today:

• 📉 Job openings fall to lowest level since January 2021

• 🔥 Bitcoin hits $70K amid huge ETF inflow streak

• 🤖 Meta is reportedly building its own AI-powered search engine

• 🏠 Mortgage market should improve to $2.3 trillion in 2025

Estimated reading time: 5 minutes

Job openings fall to lowest level since January 2021

September job openings dropped to 7.44 million, below August's revised figure of 7.86 million and marking the lowest since January 2021. Economists had expected 8 million openings. The quits rate, indicating worker confidence, fell to 1.9%, while hiring slightly rose to 5.55 million.

This report is the first of several labor updates this week, with the October jobs report expected Friday. Economists anticipate 110,000 new jobs in October, down from September’s 243,000, partly due to weather disruptions and a Boeing strike.

Currently, markets see a 96% chance of a 25-basis-point rate cut at the Fed’s Nov. 7 meeting.

Gold nears record with focus on US election

Gold prices increased 0.6% to $2,757.77 an ounce, nearing last week’s record high as traders look to upcoming U.S. inflation and payroll data for insights into potential Fed rate cuts. Lower rates generally benefit gold, which doesn’t yield interest.

Gold has risen by about 33% this year, driven by central bank purchases, demand for safe-haven assets amid conflicts in the Middle East and Ukraine, and U.S. election uncertainty between Kamala Harris and Donald Trump.

Spot gold rose 0.3% to $2,750.54 in London, with other precious metals like palladium, platinum, and silver also gaining.

Bitcoin hits $70K amid huge ETF inflow streak

Bitcoin briefly surpassed $70,000, reaching its highest point since June, driven by strong inflows into U.S. spot Bitcoin ETFs. BTC peaked at $70,150 on Oct. 28 but then dipped. Weekly inflows totaled $920 million as of Oct. 25, adding to a strong inflow trend.

A "golden cross" pattern on the chart, where the 50-day average crosses above the 200-day, suggests potential further gains. Bitcoin now sits 5% below its all-time high of $73,679, moving past its previous $55,000-$65,000 range.

Solana flips Ethereum in daily fees

Solana has surpassed Ethereum in daily fee generation, with $2.54 million in fees on Oct. 28, compared to Ethereum’s $2.07 million, largely due to increased trading on Solana’s decentralized exchange Raydium.

Known as an "Ethereum killer," Solana’s monolithic scaling aims for high transaction throughput without relying on layer 2 (L2) solutions, unlike Ethereum’s L2-dependent model.

Despite this daily surge, Ethereum still leads in long-term fee generation, with nearly $135 million in fees over the past 30 days versus Solana’s $61.3 million. Much of Solana's recent fee growth comes from memecoin trading on the platform Pump fun, which accounted for 47% of monthly revenue.

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Meta is reportedly building its own AI-powered search engine

Meta is reportedly developing its own AI-powered search engine to reduce reliance on Google and Bing, aiming to provide conversational AI summaries of recent events through its chatbot integrated with Instagram, Facebook, and WhatsApp.

This move aligns with recent industry shifts, as OpenAI and Apple are also exploring AI-based search alternatives. Meta’s approach includes a partnership with Reuters, marking a cautious return to news content after scaling back news and political features post-2020.

This new integration may allow users to seek news actively through AI chat functions rather than passively in feeds.

Mortgage market should improve to $2.3 trillion in 2025

The Mortgage Bankers Association (MBA) forecasts a recovery for the mortgage industry, predicting a $2.3 trillion origination volume in 2025, up 28.5% from 2024. Purchase originations are expected to reach $1.45 trillion, while refinancing is set to rise to 37% of volume as 30-year mortgage rates are projected to dip from 6.3% to 5.9%.

The first interest rate cut in September 2024 marks a shift in monetary policy, though MBA economist Mike Fratantoni warns budget deficits could keep rates elevated.

The U.S. economy may face slow job growth, with unemployment potentially reaching 4.7% by 2025, but inflation is likely to approach the Fed’s 2% target.

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