【Cryptocurrency market shaken! Market value plummeted by $300 billion in three days😱】

The cryptocurrency market has been really crazy recently! Starting from August 2, the market value plummeted by $313 billion in just three days. This is the worst sell-off in nearly a year! Moreover, the stock market has also performed poorly, with the S&P 500 index falling 4.4% over the same period.

Market analysis said that the decline was mainly due to weak employment data, slowing growth in major technology stocks, and increased concerns about a recession. Large companies such as Microsoft and Intel announced second-quarter results that were lower than expected, and market leader Nvidia was also hit by the upcoming interest rate cut in September.

What's more terrifying is that the intensity of this sell-off is even worse than the one in mid-August 2023! Among them, Solana (SOL) became one of the hardest-hit cryptocurrencies, with a drop of 25.7%. Bitcoin (BTC) and Ethereum (ETH) were not spared, falling by 14% and 17% respectively over the same period.

Also, the massive sell-off of Jump Crypto is an important reason for the market decline. The trading company has sold hundreds of millions of dollars in assets in the past few days, which has exacerbated the market panic.

Now the Crypto Fear and Greed Index has fallen back to the "fear" state, and the market sentiment is extremely pessimistic. It seems that the cryptocurrency market is facing another difficult week, and the increase in spot and derivative activities of traditional financial institutions is needed to support and restore market confidence.

Keith Alan, co-founder of trading resource Material Indicators, also said: "Bitcoin has entered the CME gap, but technically, it can only be filled during traditional financial trading hours." This sentence really reveals the complexity and uncertainty of the current cryptocurrency market!

At this stage, the market is basically to open a position every time it goes down! If you don't know which ones to choose, then click on my avatar and follow me! There is no need to sell, and every subsequent downturn is to fill it.

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