Crypto Market Suffers Biggest Drop in a Year Due to Recession Worries and Poor Job Data 😱
The crypto market saw its largest three-day sell-off in a year, losing $313 billion since August 2nd.
This drop coincided with a 4.4% fall in the S&P 500 due to weak jobs data, poor tech stock performance, and recession fears. Major companies like Microsoft and Intel posted disappointing Q2 results, and NVIDIA faced pressure from expected rate cuts.
Solana fell 25.7%, Bitcoin dropped 14%, and Ether decreased by 17%. Jump Crypto's large asset sales worsened the situation. The Crypto Fear and Greed Index fell to 26, indicating market fear.
Analysts expect a challenging week ahead, requiring increased activity from traditional financial institutions.
