Tag: government cost-cutting actions
Bitcoin (BTC) Dips on Weak US Jobs Data & AI Bubble Fears: More Pain Ahead?
The post Bitcoin (BTC) Dips on Weak US Jobs Data & AI Bubble Fears: More Pain Ahead? appeared com. The Bitcoin bulls just can’t seem to staunch the relentless tide of selling. Each new push to the upside seems weaker than the last. Poor jobs data and fears that AI companies have become overbought tie into bearish market sentiment. Can Bitcoin suffer yet another price dip? Jobs are falling as AI might also be about to dip The worst unemployment figures for the month of October in the last twenty years saw 153, 000 layoffs. According to a report by Challenger, Gray & Christmas, the main reason for what is now more than 1 million job losses since the start of 2025 is the effects of DOGE and its government cost-cutting actions. Another main contributor to the loss of jobs has been blamed on the rise of AI, which has allowed companies to restructure and automate processes. On the subject of AI, stories now abound across mainstream media that are exploring the idea that AI has become vastly overbought, and that this is a bubble that could burst with huge repercussions for the US and global economies. Big Short investor Michael Burry has been in the news recently given that his company is publicly betting against tech giants Nvidia and Palantir. The legendary investor appears to be convinced that AI is in a bubble and is shorting these stocks accordingly. S&P 500 ripe for a big pullback? Since that plunge, the Index more than recovered, but as can be seen in the chart above, the price has reached the top of the blue channel, and it might be expected to start falling from here. The bottom of the channel.