The global market sell-off has hit the crypto space hard, and Dogecoin (DOGE) cofounder Billy Markus, known as Shibetoshi Nakamoto on X, responded in his usual humorous style. As semiconductor and associated stocks, including Nvidia, took a beating, the ripple effect was felt across major cryptocurrencies. Nvidia’s 9.5% drop on Tuesday wiped nearly $300 billion off its market cap, marking the largest single-day loss for a U.S. stock in history.

The sell-off extended to digital assets, with Bitcoin (BTC) and Ethereum (ETH) down nearly 5%, and other cryptocurrencies like Polygon (MATIC) and Toncoin (TON) falling between 8% and 10%. Dogecoin also wasn’t spared, reflecting the broader market decline.

Markus summed up the mood with a cheeky tweet: “Can’t wait to lose more money today ᕕ( ᐛ )ᕗ,” capturing the sentiment of many investors facing the downturn. Known for his witty takes, Markus’s blend of humor and market reality continues to strike a chord with the crypto community.

Market Overview: Liquidations and Economic Woes

The market slump comes amid economic concerns, with the ISM manufacturing index’s August results falling short of expectations, adding to fears about economic health. This backdrop has driven investors away from riskier assets, leading to significant liquidations. CoinGlass data reveals crypto market liquidations reached $178 million in the last 24 hours, with long liquidations accounting for $132 million and shorts costing $46 million.

Despite the sell-off, signs of a potential rebound are starting to emerge, but caution remains the watchword for investors navigating these volatile markets.

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