China is struggling to revive its domestic market. The Peopl | CrypticNews Hub on Binance Square

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China is struggling to revive its domestic market.
The People's Bank of China's re-lending support has had limited impact on housing sales in major cities.

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The Japanese stock market Nikkei 225 is currently experiencing the largest two-day drop in its history. This decline is even greater than the "Black Monday" crash of 1987. South Korea has now halted ALL sell orders due to the market decline. Panic selling has set in.

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Morning News from CrypticNews Hub 1. 10x Research: Based on the analysis of stock and flow ratios, the projected peak point of the Bitcoin cycle is $62,000. 2. Vitalik sold 17.1 billion Neuro for 44.4 ETH. 3. Bloomberg: Bitcoin recorded its largest weekly drop since the FTX collapse. 4. The Japanese Topix index and Japanese government bond futures triggered the automatic shut-off mechanism. 5. Gas fees on the Ethereum network soared to 658 gwei. 6. AXIOS: The U.S. informed the G7 that Iran may attack Israel within the next 24 hours. 7. Data: The U.S. Bitcoin spot ETF has a cumulative net inflow of $17.508 billion. 8. Galaxy Research: Bitcoin is facing data availability issues, so the L2 expansion plan may need to be reconsidered. 9. The Uniswap community has initiated a proposal to "deploy Uniswap v3 on X Layer" for temperature check. 10. JupiterDAO voted to approve the proposal to "burn 30% of JUP token supplies."

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The Nikkei 225 index fell by 7% to 33,370, and the broader Topix index lost 6.5% to 2,370 on Monday. Both benchmarks hit seven-month lows as investors continue to grapple with the prospect of rising interest rates in Japan. Local stocks were also sold off amid a sharp rise in the yen, which worsened the earnings outlook for Japan's export-oriented industries. Last week, the Bank of Japan raised its benchmark rate to 0.25% and indicated its readiness to continue raising rates, with markets betting on two more hikes in this fiscal year, ending in March 2025. Japanese stocks also followed losses on Wall Street, driven by U.S. recession fears and disappointing results from major tech companies. Financial stocks led the sell-off, with Mitsubishi UFJ falling 12.1%, Sumitomo Mitsui down 11.2%, and Tokio Marine Holdings dropping 10.2%. Heavyweights in the technology, automotive, and other sectors also faced significant declines.

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U.S. stock futures dropped sharply on Monday, continuing last week’s selloff driven by growing concerns about an economic downturn in the U.S. Last week, the Dow fell 2.1%, ending a four-week winning streak. The S&P 500 and Nasdaq Composite also declined by 2.06% and 3.35% respectively, with both indices down for the third consecutive week. The tech-heavy Nasdaq Composite has dropped more than 10% from its record high set last month, entering correction territory. On Friday, data showed that the U.S. economy added far fewer jobs in July than expected, heightening fears that the Federal Reserve might be too late in cutting interest rates, as the economy may already be entering a recession. Investors are now awaiting U.S. services PMI data and a speech by San Francisco Fed President Mary Daly on Monday for further insights. On the corporate front, markets will be closely watching Apple after Warren Buffett’s Berkshire Hathaway sold nearly half of its stake in the iPhone maker.

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