š The cryptocurrency market plummeted by 6%, and the "Big Seven" of US tech stocks could not escape the disaster!
š Be careful of unrest in September! In September, when we usually think that the stock market will fall, the market value of the world's top technology companies actually evaporated by 550 billion US dollars! Even Google, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, these well-known technology companies, their stocks have been hit.
šĀ Not only in the stock market, but also in the cryptocurrency market, it has suffered a heavy blow. Just on September 3, after seeing the market value of the "Big Seven" shrinking significantly, the cryptocurrency market also fell like a free fall, losing about 100 billion US dollars in one day, and the total market value fell by more than 6%.
š Bitcoin once plunged more than 5% during the Asian trading session, and Ethereum also fell 7%. The altcoins are even more miserable, and most high-market-value cryptocurrencies have lost between 5% and 7%.
šø According to Coinglass, 74,062 traders were liquidated in the past 24 hours, with a total liquidation of up to $196.4 million, most of which were long positions.
š Looking back at previous years, September has been a bearish month for cryptocurrencies, and this year seems to be no exception. Analyst "CrediBULL Crypto" said that Bitcoin has hit a downside target near $56,000, which means we may see a rebound soon.
š§ Viewpoint:
š Market volatility is common in cryptocurrencies, and the current decline may be a reaction to technology stocks and macroeconomic uncertainty. But history shows that the cryptocurrency market can quickly recover from a sharp correction.
š The cryptocurrency market is known for its cyclical nature, and the current downturn may be just the beginning of another cycle. It is important that investors remain calm and focus on the long-term trend of the market rather than being swayed by short-term fluctuations.
š For investors, now is the time to re-evaluate their portfolios, consider risk management strategies, and look for cryptocurrencies with strong fundamentals and application potential. At the same time, it is wise to diversify your investments and review market dynamics regularly.
š¤ What do you think of this market shock? Do you think this is a short-term fluctuation or the beginning of a bull-to-bear trend? Can the cryptocurrency market recover quickly?Leave your comments in the comment section!
