📉 The US stock market evaporated $1.05 trillion overnight. Can Bitcoin hold its ground?
😰 The recent stock market situation is really worrying! In one day, the US stock market evaporated $1.05 trillion, which is the largest single-day drop in recent years. The economic data is not strong, and large companies are also in trouble. Investors' mood can be imagined.
📈 The Dow Jones Industrial Average plummeted at the opening yesterday and closed down more than 2%. The sharp drop was triggered by poor manufacturing data. The manufacturing industry has shrunk for the fifth consecutive month. The S&P 500 also fell by about 2.4%, and technology stocks were particularly hurt. Nvidia's stock price fell by 9.5%.
📊 The Nasdaq Composite Index fell nearly 3.5% on the daily line, which was the worst day since early August. The large proportion of technology stocks, especially the collapse of Nvidia, has hit the index hard.
🔍 Interestingly, despite the chaos in the stock market, cryptocurrencies such as Bitcoin and Ethereum have shown some resilience. Bitcoin's value fell by nearly 3% to around $5,6800, and Ethereum fell below $2,500.
🌟 Despite the recent poor performance, Bitcoin's market value remains around $1.34 trillion, with an annual return of over 115% year-on-year. Although the short-term outlook is uncertain, some analysts are cautiously optimistic about the upcoming US elections and the $14.5 billion repayment from FTX creditors.
🤔 Now, all eyes are on the next round of economic reports and upcoming political events. Although the $1.05 trillion loss in the US stock market highlights the uncertainty in the market, investors are grappling with weak economic data and sharp declines in the stock prices of major companies.
💭 What do you think about the stock market's sharp drop and Bitcoin's stability? Do you think the cryptocurrency market can hold its ground in this storm? Leave your insights in the comments section!
