- Bitcoin traded near $77,976 in early Asian hours as Binance withdrawals began to stabilize.
- Asian stocks slipped after China’s official manufacturing PMI fell to 49.3 in October.
- The yen weakened to 157.78 per dollar ahead of US midterms and an RBA rate hike.
Bitcoin traded near $78,000 on Monday, November 2, as Asian stocks slipped on weak Chinese factory data.
Concerns over AI spending and the fallout from Binance’s $6.3 billion hack kept early trading cautious. The yen softened as markets prepared for the US midterm elections and several central-bank decisions.
Asian Stocks Fall as China PMI Slows
China’s official manufacturing PMI fell to 49.3 in October from 50.1 in September. That put it below the 50-point line that separates expansion from contraction. New orders fell to 49.4.
The private RatingDog/S&P Global survey held at 52.0, its 11th straight month of growth, but export-order growth slowed to a three-month low.
The gap between the two surveys points to uneven conditions across Chinese manufacturers, and weak demand is the bigger worry. Asian stocks traded lower.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.2%, and the Nikkei slipped 0.1%. South Korean shares bucked the trend with a 0.8% gain.
The People’s Bank of China injected 541 billion yuan ($81.3 billion) through overnight reverse repos at 1.25%, making overnight funding its main policy-rate anchor. The move aims to lower banks’ short-term funding costs and is not a benchmark rate cut.
Bitcoin Nears $78K Amid Market Uncertainty
Bitcoin traded around $77,976 in early Asian hours after hitting a six-week low on Friday, while Ether stood near $2,268.
Binance said withdrawals were stabilizing after customers pulled $3.64 billion once services resumed following last week’s $6.3 billion hack. The exchange said it had covered 95% of affected assets.
Bitcoin’s rebound is minimal, and traders are watching exchange outflows for signs that confidence is returning.
Yen Weakens as Bitcoin and Currency Markets Await Key Decisions
The yen weakened about 0.15% to 157.78 per dollar. A softer yen helps Japanese exporters but raises imported inflation risk for the Bank of Japan.
The Australian dollar held near $0.7033 ahead of Tuesday’s Reserve Bank of Australia (RBA) meeting, where markets expect a hike to 4.85%.
India’s rupee opened six paise stronger at 94.89 per dollar. Brent crude fell about 2% to $111.15 a barrel, and gold rose 0.9% to roughly $3,911 an ounce.
This week brings US midterm results, the November 6 jobs report and several rate decisions, which could keep risk appetite thin. For Bitcoin, the next move depends on Binance flows settling and on where the dollar heads after the vote.
Asian currencies will take their cue from central-bank guidance. Asian stocks need firmer Chinese demand before buyers return in size.
Related: 8 Major Events to Watch November 1–6: Bitcoin, Oil, Gold and AI Stocks Face a Critical Week
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