Last night, the US stock market took a nosedive, and the crypto sphere didn't escape either, leading to a devastating plunge and creating even lower entry prices.

For now, there might be a slight rebound during the day, but the latter half of the night might see another hit. However, last night it already fell to a point of desolation, so logically, it shouldn't continue to drop today, as short-term indicators also need a breather to correct themselves.

Back to the point, regarding last night's crash, I noticed many people in the market saying it was due to the JOLTs job openings data and the ISM non-manufacturing PMI data released at 11 PM. These two data points were indeed significant: one job vacancy hit a record high, indicating that job opportunities are abundant, and the unemployment rate could be even lower.

The other PMI exceeded expectations, which directly signals an upward trend in the economy. The data was too good, and as a result, the market misunderstood: Federal Reserve rate cuts? What are you thinking? There's no reason for that, at most a couple of cuts, or just one decisive action.

As a result, panic ensued, large investors withdrew, dragging retail investors down with them, and at 11 PM, a wave of volume stunned the market. I reviewed it myself, and indeed the highest volume was at 11 PM, but if you look closely, the market started slipping as early as 5 PM.

To be honest, while these data points have some correlation with the unemployment rate and non-farm data, they are not officially related. But the market wouldn't listen to explanations; it crashed regardless, causing the US stock market to go into chaos.