Global cryptocurrency market plummets as Bitcoin crashes, causing over 150,000 people to liquidate their positions!

Last night, major stock markets in Europe and the United States plunged, while Chinese assets rallied against the trend.

Global Market Dive

On October 1st, the US stock market experienced a midday dive and closed in negative territory. By the end of the trading day, the Dow Jones Industrial Average had fallen by 0.41%; the S&P 500 Index dropped by 0.93%; and the Nasdaq Composite Index declined by 1.53%, with intraday losses exceeding 2%. Most large tech stocks declined, with Apple down 2.91% and Microsoft falling 2.23%.

Chip stocks were broadly lower, with GlobalFoundries dropping more than 4%, and NVIDIA, Microchip Technology, Intel, and Micron Technology all falling over 3%. Broadcom, Advanced Micro Devices, and Qualcomm declined by more than 2%, while ASML lost over 1%.

Bank stocks also generally fell, with JPMorgan Chase and Wells Fargo Bank dropping nearly 2%, and Goldman Sachs, Citigroup, and Bank of America declining by about 1%.

Due to the escalation of the situation in the Middle East, oil and gas stocks mostly rallied, with ConocoPhillips gaining 3.88%.

European stock markets also experienced a significant decline. Several markets opened higher but ended lower, with the German DAX Index closing down 0.58% at 19,213.14 points, and the French CAC 40 Index falling 0.81% to 7,574.07 points.

The cryptocurrency market saw substantial losses. Bitcoin plummeted to around $60,000, and Ethereum fell more than 5% intraday. Coinglass data showed that over 150,000 people liquidated their positions within 24 hours.