The US stock market and cryptocurrency market in the past 12 hours have witnessed a wave of selling because of a sudden increase in the unemployment rate.
On the evening of August 2, employment rate data from the US showed that the unemployment rate in the world's largest economy in July reached 4.3%, higher than the forecast of 4.1%.
This information quickly created concern in financial markets as investors worried that this could be a sign of a new economic recession, causing the red color to spread.
Major US investment indexes such as S&P 500, Nasdaq and Dow Jones all decreased by 2 - 2.9% in the trading session on August 2, the worst results in recent months.
The total capitalization of the US stock market fell to 1.2 trillion USD in the same session, while the figure for the global stock market was 2.9 trillion, with Japan recording the trading day. Worst since 1987.
Faced with unpredictable changes in the stock market and the economy, the odds of betting that the US Federal Reserve (Fed) will have to cut interest rates this September have skyrocketed. This week, the Fed continued to decide to keep interest rates unchanged because of uncertainty about the inflation situation.
The cryptocurrency market was also affected by the above events, with the price of Bitcoin in the past 12 hours falling from $65,000 to $60,500, the lowest level since mid-July. BTC was also previously affected by the announcement. News that the Middle East conflict may heat up again after Israel assassinated the leader of the Islamic movement Hamas in midweek.
Thus, since returning to the 70,000 USD mark on July 29, $BTC has dropped 13.5% in value in just 1 week.
Ethereum plummeted even more seriously, losing 7% of its value to once again return to the price range of 2,910 USD.
Other major #Altacoins coins also saw red, down 3-15% compared to this time yesterday.
The latest correction in the cryptocurrency market has resulted in nearly $310 million in derivatives orders being liquidated in the past 24 hours, with longs accounting for 87%.
