Lihat juga
10.11.2025 12:24 PM
Global financial and technology markets have entered a phase of relative stability, yet beneath this calm surface lie forces that could significantly shape investor sentiment and asset performance in the months ahead.
The volatility of the US dollar has dropped to lows not seen since before the 2024 elections, giving markets a brief respite. However, the Fed's dovish stance, the ongoing US government shutdown, and a pullback in precious metals all suggest that the global economy remains highly sensitive to monetary policy signals.
Meanwhile, as traditional financial instruments settle down, the crypto market appears to be rebooting. Following a wave of liquidations, digital assets are showing early signs of recovery, and institutional players are expressing interest in Bitcoin ETFs.
In the tech sector, Google has found itself in the spotlight on two fronts: facing a multimillion-dollar antitrust settlement while simultaneously launching its new Ironwood chip — a development that could reshape the balance of power in the AI race.
These four themes — from currencies to cutting-edge technology — capture a market in transition: shedding old tensions while preparing for a new round of competition and change.
Dollar volatility declines
Currency markets are showing signs of stabilization as investors grow less concerned about sharp swings in the US dollar. Dollar volatility has fallen to levels last seen before the 2024 presidential election — suggesting markets have largely adjusted to the consequences of Donald Trump's re-election and his renewed trade tariff agenda.
Since the summer, the dollar index has traded within a narrow 98–100 range, hovering around 99.5 in early November. Previously, the greenback had seen sharp fluctuations — rallying late in 2024, then tumbling 10% by mid-2025 before entering a consolidation phase. According to the Financial Times, dollar volatility has now dropped to pre-election lows.
The dollar's resilience has put pressure on commodities — particularly gold. Prices of this traditional safe-haven asset have declined for three straight weeks. December gold futures have fallen to around 121,067 rupees per 10 grams on Indian exchanges. Internationally, gold has retreated from its October peak of $4,398 per ounce to about $4,000 today.
Analysts at NDTV Profit note that gold's weakening appeal stems not only from the stronger dollar but also from the Federal Reserve's cautious approach. In early November, the Fed cut its benchmark rate by 25 basis points to a target range of 3.75–4%, but Chair Jerome Powell emphasized that further cuts this year are "not a given."
Other key Fed officials — including Kansas City Fed President Jeffrey Schmid and Dallas Fed President Lorie Logan — have voiced concern that financial conditions remain too loose to justify additional easing. Traders now price in roughly a 70% chance of another rate cut in December, slightly higher than last week's estimate.
Adding to market uncertainty is the ongoing government shutdown, now entering its second month. The shutdown has delayed key macroeconomic data releases, creating an "information vacuum" and adding to medium-term uncertainty.
Silver prices are also under pressure, with analysts noting that the metal tends to behave more sensitively than gold — amplifying both gains and declines, showing what they call "high-beta behavior."
Outlook: cautious stability
Financial markets are entering a period of relative calm. Falling dollar volatility and a measured Fed stance have created conditions where traders can plan their strategies with more confidence.
The narrowing trading range allows for range-bound strategies in dollar pairs, while declining gold and silver prices present potential buying opportunities on expectations of a demand rebound.
Traders may want to watch for new entry points: with the dollar stabilizing, range trading within the 98–100 DXY band looks promising, as do short-term rebound positions in gold and silver. Hedging strategies against potential volatility — especially ahead of the Fed's December decision — also remain relevant.
All instruments mentioned — including dollar pairs, gold, and silver — are available for trading on the InstaTrade platform. To take advantage of current market opportunities, open an account with InstaTrade today. For even greater flexibility, traders can use the InstaTrade mobile app, which enables real-time market monitoring and trading anytime, anywhere.
Crypto market stabilizes after a wave of liquidations
After a turbulent week in the cryptocurrency market, leading indicators now point to a potential easing of market stress. Investors are reassessing risk strategies, and the recent Bitcoin sell-off shows signs of coming to an end. Analysts believe that overheated leveraged positions have been "flushed out," setting the stage for the next phase of growth.
Last week, Bitcoin dropped sharply from $110,000 to $102,000, triggering one of the largest liquidation waves in recent months. Futures positions worth more than $1.27 billion were forcibly closed, with around 90% of these liquidations coming from long positions — a clear reflection of traders' over-optimistic expectations for further price gains.
The hardest-hit platform was Hyperliquid, where total liquidations reached $374 million, surpassing all other crypto exchanges. Binance saw closures worth $242 million, while the largest single liquidation occurred on HTX, involving a BTC/USDT trade worth $47.87 million.
Data from CryptoQuant confirm that the period of aggressive leverage is ending. The short-term estimated leverage ratio (ELR) on Binance fell to 0.2247 on November 8, 2025, below the 20-day average of 0.2391 and approaching the lower threshold of 0.2069, signaling a return to a more balanced trading environment.
The ST_ELR metric — which compares open interest to stablecoin reserves — also declined, marking what analysts call a "cleansing phase." During this stage, the market rids itself of over-leveraged traders, restoring liquidity and volatility to a more natural equilibrium.
Despite the steep price correction, open interest in Bitcoin futures remains steady at $67.36 billion as of November 5, indicating that many investors are holding their positions in anticipation of a recovery.
On November 6, US spot Bitcoin ETFs recorded their first net inflows in six days, attracting $240 million in total. The iShares Bitcoin Trust led the way with $112.44 million in new assets — a potential sign of renewed institutional interest.
JPMorgan projects Bitcoin could rise to $170,000 over the next 6–12 months, citing improved liquidity and the completion of the current deleveraging phase. However, short-term signals remain mixed.
CryptoQuant's Bitcoin Sharpe Signal on Binance dropped to –0.277, indicating low risk-adjusted returns. The $100,000 level remains a key support zone — if Bitcoin holds above it, there's room for a rebound toward $116,000–$120,000. Analyst PlanD notes the importance of a weekly close above the 50-week exponential moving average, currently near $100,700.
Key takeaways:
Long-term outlook remains positive.
The reduction in leverage and stabilization of key metrics provide a favorable backdrop for lower-risk entries. Traders can use the ongoing correction to enter positions at more attractive prices, particularly near the $100,000 level.
It's also worth considering options and futures strategies amid lower volatility — allowing for controlled risk exposure with potentially high returns.
Google's antitrust battle nears conclusion: millions to be refunded to consumers
In a major antitrust case led by the state of Utah against tech giant Google, a preliminary $700 million settlement has been reached, according to Utah Attorney General Derek Brown and a coalition of 52 state attorneys general. The move marks a major milestone in the fight against digital marketplace monopolies and could usher in a new era of regulation for Big Tech in the United States.
The lawsuit accused Google of illegally monopolizing the distribution of Android apps and payment systems within the Play Store, restricting competition and manipulating prices.
Initially filed in 2021 by Utah and joined by 37 states, the case eventually expanded to include more than 50 participants. The key allegations centered on anti-competitive agreements and artificial technical barriers that limited alternative app distribution channels.
Under the settlement terms, Google will pay $630 million directly to affected consumers who purchased apps or made in-app purchases on the Google Play Store between August 2016 and September 2023.
Refunds will be issued automatically via PayPal or Venmo, or by check or bank transfer upon request. An additional $70 million will be distributed among the participating states, with Utah receiving roughly $10 million to cover its sovereign claim and related expenses.
"Google's monopoly over the Play Store hurt everyday Americans and small businesses by inflating prices and limiting choice," said Utah Attorney General Derek Brown, emphasizing that the settlement is primarily aimed at protecting consumer interests.
Beyond monetary compensation, the settlement requires significant reforms to the Play Store policies. Over the next 4–7 years, Google must:
"This agreement addresses the harm caused by Google's deceptive practices and paves the way for a more transparent, competitive environment for all users," said Margaret Busse, head of Utah's Department of Commerce.
The Google settlement is not only a legal victory for consumers — it's a strategic signal to the market: tech giants will find it increasingly difficult to maintain monopolies without consequences.
Investors and traders should pay close attention to Google's (Alphabet Inc.) stock, as such legal outcomes can exert short-term pressure on prices and reshape the company's long-term business strategy.
Market participants may capitalize on potential movements in Alphabet shares, particularly as regulatory reforms reshape Play Store operations and investor expectations. Volatility around these developments could present short-term trading opportunities or long-term entry points for investors anticipating structural business improvements.
All these trading opportunities — including Alphabet shares and other top tech stocks — are available on the InstaTrade platform. To take advantage of market movements, open a trading account with InstaTrade today. For added convenience, use the InstaTrade mobile app to monitor the markets and trade anytime, anywhere.
Google challenges Nvidia with launch of new Ironwood TPU
Continuing the Google story — the company has officially unveiled its next-generation tensor processing unit, the Ironwood chip, which it claims will pose a serious challenge to Nvidia's latest high-performance AI hardware.
The new processor promises to dramatically shift the balance of power in the high-performance computing market for artificial intelligence. In the coming weeks, Ironwood will become available to Google Cloud customers. The launch marks a new phase in Google's strategy to reduce dependence on third-party GPUs and strengthen its leadership in AI infrastructure.
According to Google, Ironwood delivers a massive leap in performance over previous TPU generations. It is said to be 10 times more powerful than the TPU v5p and four times faster than the TPU v6e (codenamed Trillium).
Each chip is capable of delivering 4,614 teraflops of FP8 performance and comes equipped with 192 GB of HBM3E memory, providing a bandwidth of 7.37 TB/s. When scaled to 9,216 chips in a single "pod", system performance reaches 42.5 FP8 exaFLOPS — 118 times higher than competing solutions, according to Google's technical documentation.
Ironwood has already attracted major AI players. Anthropic, the developer behind the Claude family of AI models, announced in October plans to deploy up to one million TPUs as part of its expanded partnership with Google Cloud.
The deal — estimated to be worth tens of billions of dollars — will give Anthropic access to over one gigawatt of computing power, expected to go online by 2026. Anthropic's CFO Krishna Rao noted that such capacity is critical to meeting the rapidly growing demand for AI models and maintaining the company's technological edge.
And it's not just the AI giants. Lightricks, known for its creative content-generation tools, is already using Google's new chip to train its multimodal model LTX-2, which processes both text and images. Google itself employs Ironwood TPUs in developing and running its own advanced AI models, including Gemini, Veo, and Imagen.
The Ironwood launch is part of a broader infrastructure expansion strategy. As competition intensifies among cloud providers, Google has raised its 2025 capital expenditure plan to between $91 billion and $93 billion, up from the previously announced $85 billion.
CEO Sundar Pichai told analysts that the value of large contracts (over $1 billion) signed in the first three quarters of the upcoming year has already surpassed the total from the previous two years — clear evidence of strong enterprise demand for Google's AI solutions.
The results are already visible: Google Cloud revenue rose 34% year-over-year, reaching $15.15 billion in the third quarter. Pichai directly attributed the surge to "strong demand for AI infrastructure, including TPUs." Orders for Google's cloud services also grew 46% quarter-on-quarter, totaling $155 billion.
In addition to Ironwood, Google announced new Axion processors based on Arm architecture, as well as the N4A virtual machine and C4A server. The company claims the N4A VM delivers double the price-performance efficiency compared with x86-based alternatives.
Key takeaways
Trading perspective
For traders, this development highlights key opportunities. Stocks of major tech firms involved in AI and high-performance chip production — Google (Alphabet), Nvidia, and others — remain in sharp focus for investors.
The growing rivalry between Google and Nvidia may trigger short-term volatility, offering speculative opportunities. Meanwhile, long-term investors could find value in companies that successfully secure their positions in this fast-evolving AI race.
All instruments mentioned — including Alphabet and Nvidia shares and other AI-related assets — are available for trading on the InstaTrade platform. To capitalize on current market trends, open a trading account with InstaTrade today. For greater convenience, install the official InstaTrade mobile app, allowing you to monitor markets and trade anytime, anywhere.
