Crypto market dump as the “Magnificent Seven” tech giants and cryptocurrencies alike have suffered significant losses due to a market slump that began in September, a traditionally bearish month for crypto.
As September begins, crypto market dump along with stock markets, both facing significant turbulence that highlights the month’s historically bearish nature. This is nothing new, as September has a history of being a bad month for investors. Many big companies and the overall crypto world are losing billions of dollars in value within just a few days.
Magnificent 7 Takes a Hit: Crypto Market Dump
The biggest companies in the world, like Google, Amazon, Apple, and others. lost a huge amount of money on September 3rd. This happened as the whole stock market was going down, and cryptocurrencies were also losing value.
Nvidia, a big company in the AI industry, has had a really bad day. It’s losing more money than it has in a long time. This is partly because the U.S. government is looking into the company for possible unfair business practices.
A famous financial newsletter called The Kobeissi Letter said that September is usually a very unpredictable month for the stock market. This year is no exception. The rough start to the month highlights the usual “Slumptember” downturn, a term used to describe the typical market slump seen during this time of year.
Crypto Market Dump Again
Crypto market dump: The crypto market hasn’t escaped the recent financial trouble. More than 6%, the total value of cryptocurrencies dropped, within 24 hours. This drop comes after the major losses from the Black Monday event on August 5th.$2.07 trillion is the total market value. and it’s the lowest it’s been since early August.
Bitcoin (the first-largest cryptocurrency)lost a lot of value on Wednesday morning. It went down to $55,746. Although it has risen slightly since then. people still feel negative about the market.
Ethereum (the second biggest cryptocurrency) also lost a lot of value. It went down by 7% before going back up a little bit. Other cryptocurrencies also lost value, with most of the major ones losing between 5% and 7%.
A website called Coinglass tracks information about cryptocurrencies. It says that a lot of people who trade cryptocurrencies lost all their money in the last day. In total, 74,062 traders lost their money, which adds up to $196.4 million. Most of these were long positions, which added to the market’s downward spiral.
Bearish September for Crypto: Crypto market dump
Crypto market dump: September has often been tough for crypto investors, with Bitcoin losing value in six of the last nine Septembers. This year looks no different, as the market struggles to recover from heavy selling pressure.
Crypto analyst “CrediBULL Crypto” observed that Bitcoin’s recent drop has hit around the $56,000 mark. Despite this, the analyst is hopeful and thinks this might lead to a “relief rally” soon.
In conclusion, the crypto market has been hit hard recently, with a 6% drop in total value, which means a $100 billion loss. This decline follows a tough August, including the notable Black Monday event, and shows September’s typical volatility. Both the stock market and the crypto market are facing big losses, with the “Magnificent Seven” tech giants losing $550 billion in value.
Cryptocurrencies are also doing badly. Bitcoin is now worth less than $56,000, and Ethereum is just over $2,300. Many traders have lost money, with 74,062 people losing a total of $196.4 million. Even though things look bad, one analyst thinks there might be a short-term rise in the market. But, the market has a history of going up and down quickly, so it’s hard to know what will happen.
Also Read: Dogecoin Price Soars 2% Amid Market Recovery
