The crypto market has just witnessed its largest three-day sell-off in 12 months amid weak jobs data and revived fears of a recession.
The crypto market has just clocked its largest three-day sell-off in almost a year, briefly shedding as much as $510 billion since Aug. 2.
The sharp crypto sell-off arrived amid faltering performance from equities with the S&P 500 falling as much as 4.4% in the same time frame.
The market stumble has been led by weak employment data, slowed growth among major tech stocks, and revived fears of a recession.
Several major companies including Microsoft and Intel posting lower-than-expected Q2 results and market leader NVIDIA battered by expectations of impending rate cuts in September, something that has seen capital flow back into smaller, lagging companies have also tumbled drastically amid a sudden market sell-off on Aug. 5, with the assets respectively plummeting 10% and 18% in the last two hours alone.
It has been the hardest-hit cryptocurrency among the top 10 largest tokens by market cap, falling 30.6% since July 30.
Several market commentators have also looked to a spate of selling from Jump Crypto as an aggravating factor, with the trading firm offloading hundreds of millions of dollars in assets from their books in the last several days, per Arkham Intelligence data.
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