Bitcoin Fails Support, Tech Wobbles, Government Frozen — Welcome to America 2025

KR Opinion

As we progress through the week, market conditions continue to weaken. Overnight trading showed clear signs of decline, with the NASDAQ and S&P both dropping about 1%. Selling pressure remains strong, and the WaveTech database is indicating additional stress signals. Bitcoin is also testing key support levels, reflecting broader vulnerability across risk assets. It feels like the market is heading into a larger correction — while tech stocks stay in focus, the overall sentiment is uneasy, and confidence is waning.

Tuesday’s elections add another level of volatility. Several gubernatorial races are underway, but the most closely watched is the New York City mayoral race, where Zohran Mamdani — who identifies as a democratic socialist — is leading the pack. His possible victory would mark one of the most ideologically significant moments in modern American politics. The outcome will be watched nationwide, as it could signal a deeper shift in both the political scene and investor sentiment.

At the same time, the prolonged government shutdown continues to weigh on confidence. Even if a continuing resolution (CR) passes, it would only fund the government until November 23, setting up another round of brinkmanship. The travel sector is already being severely impacted, with thousands of flights canceled or delayed as uncertainty mounts. Both political parties remain entrenched, unwilling to compromise, leaving the country effectively gridlocked. It’s becoming increasingly evident that power, not governance, is the priority for many in Washington. Term limits for Congress might be one of the only ways to bring genuine accountability and new leadership into the system.