Several markets experienced sudden and simultaneous crashes, leading to widespread declines and significant losses.

⚫ Bitcoin fell to around $55,000, triggering nearly $100 million in liquidations (mostly in long positions) in just one hour

⚫ The crypto market fell to $2.07 billion after a 5.5% drop

⚫ Japan’s Nikkei 225 plunged nearly 4% in the first half of the day.

⚫ Oil prices hit 2024 lows, erasing all gains and approaching December 2023 levels.

⚫ The Magnificent 7 (Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla) collectively lost around $550 billion in market capitalization, close to their April crash. Nvidia alone lost over $360 billion in market cap, the largest single-day loss on record.

The decline came amid several factors, including:

⚫ The U.S. Justice Department has subpoenaed Nvidia and other companies.

⚫ Turkey, a key hub for oil shipping from the Middle East, Central Asia, and Russia to Europe and other markets, has applied to join BRICS+.

⚫ Bitcoin miners have been selling off steadily, with some even filing for bankruptcy recently.

⚫ Bitcoin exchange reserves have remained low since late August.