Bitcoin Slides as Pullback Warnings Mount, Shopify Shines but Stock Falls

👉 Watch 25% Will Go Bankrupt

U.S. stocks finished lower Tuesday, with the Dow down about 251 points (0.5%) to 47,085, the S&P 500 off roughly 80 points (1.2%) to 6,772, and the Nasdaq lower by about 486 points (2.0%) to 23,349; the Russell 2000 shed about 4 points (1.7%) to 241. In commodities, U.S. crude for December settled near $60 (down ~1.1%), while December gold hovered around $3,947 (down ~1.7%).

Bitcoin fell below $100,000 for the first time since June. It hovered around $100,501.22, down 5.84% on the day toward the end of the trading session. A wave of “whale” selling has pressured prices in recent weeks, according to Fundstrat’s Sean Farrell. He told Yahoo Finance, “Whales, they continue to hammer the price. Crypto sentiment remained fragile, echoed by Codex founder Haonan Li. “Bitcoin and the broader crypto market is exhausted… Bad news is very bad for crypto right now … and good news barely moves the needle.”

Beyond crypto, caution continues to creep across risk assets. A recent Federal Reserve Senior Loan Officer Opinion Survey showed banks tightening standards broadly, with stress most visible in subprime auto and commercial real estate, the kind of late-cycle fraying that cools risk appetite without signaling crisis. In credit, the BIS and UBS chairman Colm Kelleher flagged insurers’ use of private-credit “ratings arbitrage,” a transparency risk that could amplify strains if liquidity thins. Meanwhile, corporate risk premia have nudged higher; Oracle’s five-year CDS has nearly doubled over six weeks, reflecting investor repricing of growth stories with heavy AI capex.

Wall Street leaders are also counseling realism. A Bloomberg roundup noted several chiefs, from Capital Group to Goldman Sachs and Morgan Stanley, describing a prospective pullback as healthy after a narrow, momentum-driven run. “This reinforces our thinking that the stock market is ripe for some sort of material pullback over the near-term, no matter where it’s going over the intermediate/longer-term,” said Matt Maley of Miller Tabak. The Wall Street Journal similarly highlighted anxiety around a “live” December Fed meeting and a pop in the VIX.

One bright spot: Shopify. The e-commerce platform posted 32% revenue growth and an 18% free-cash-flow margin, its ninth straight quarter with double-digit FCF margins, according to a company release. “We build. We ship. We grow. That’s the model and it’s running at full speed,” said President Harley Finkelstein. CFO Jeff Hoffmeister added, “We’re not just growing—we’re delivering consistent growth and profitability, quarter after quarter.” Separately, CFRA raised its 12-month target to $200, citing strong progress in “agentic commerce” and partnerships across the AI ecosystem. Still, the stock closed down on Tuesday, almost 7% to close at $160.94.

This evening, Wall Street investors will parse local and state election results for clues about consumer mood and policy direction. In New York City, a Socialist candidate could become mayor. Some pundits are framing the race as a test of affordability and the status quo. At the same time, gubernatorial contests in Virginia and New Jersey are being read as referendums on the economy, markers that parties will study closely as the 2026 midterms come into view.