Julian Pineda, CFA, CMT

As October enters its final stretch, one of the most relevant developments in the cryptocurrency market is that, after several weeks of neutrality, a more consistent phase of weakness is beginning to take shape. Throughout the week, none of the major cryptocurrencies has managed to sustain meaningful gains and, instead, selling pressure has gradually regained control across the sector.

As October comes to an end and the cryptocurrency market enters the final stretch of 2026, a renewed phase of weakness is becoming increasingly evident across the sector. Most major cryptocurrencies have struggled to maintain consistent demand and have once again started to underperform compared with other financial markets.

The trading week is coming to an end, and a phase of weakness remains evident across the S&P 500 in the short term. Recent price action reflects this dynamic, with SPX losing more than 2.00% over the last two trading sessions, bringing selling pressure back into focus.

The trading week is approaching its end and, for now, a neutral tone continues to dominate the euro's short-term price action. EUR/USD has recorded a move of only around -0.15% during the week, highlighting the pair's inability to establish a clear direction in favor of either the euro or the U.S. dollar.

With just one trading session left before the week comes to an end, the strength that has recently emerged around the Canadian dollar has once again become relevant. This can be observed in the recent performance of USD/CAD, which has declined nearly 0.3% over the last two trading sessions.

One of the most relevant themes surrounding Bitcoin in the short term continues to be the persistent lack of direction that has started to dominate market activity. As recent price action shows, BTC has moved by only around 0.5% over the last three trading sessions, a relatively limited variation when compared to the 3.0% daily swings that were observed just a few weeks ago.

Over the last few trading sessions, gold has managed to stage a modest recovery. The precious metal has gained more than 1.7% across the last two sessions, a move that has introduced some buying momentum after several weeks of sustained pressure on prices. For now, this rebound appears to be driven largely by the cautious atmosphere dominating markets ahead of the Federal Reserve's monetary policy decision.

As the trading week progresses, a cautious tone is becoming increasingly evident around the Australian dollar. This can be observed in the recent performance of AUD/USD, where price action has remained largely unchanged over the last three trading sessions, recording a move of barely 0.1%. This behavior highlights a clear lack of direction within the market.

One of the most relevant events for emerging markets in recent sessions has been the outcome of Brazil’s presidential election. Following Lula da Silva’s victory in the second round, investor sentiment began to deteriorate noticeably. This can be observed in both the iShares MSCI Brazil ETF and the VanEck Brazil Small-Cap ETF, two important benchmarks for tracking the Brazilian equity market, both of which have posted declines of more than 15% at the start of the week.