- The global crypto market lost about $250 billion in value amid a broad market downturn.
- Crypto liquidations in the last 24 hours reached $1.37 billion according to CoinGlass data.
- Sentiment indicators like the annualized futures premium on major exchanges fell from 7% to below 4% over the past week.
- The U.S. stock market dropped by over $730 billion, led by tech giants such as NVIDIA and TSLA.
- CEOs of Goldman Sachs and Morgan Stanley warned of a possible stock market pullback ranging from 10% to 15% without a major economic shock.
The global cryptocurrency market lost approximately $250 billion in value on Tuesday amid a sharp market decline. This drop came alongside a widespread selloff in both crypto and stock markets, affecting major sectors including technology and Artificial Intelligence.
In the past 24 hours, crypto liquidations surged to $1.37 billion based on data from CoinGlass. Market sentiment weakened, as shown by the annualized futures premium on major exchanges, which decreased from around 7% to below 4% over the last week, according to Velo data. Despite this, trading remained active, with investors possibly taking advantage of the market fall. Bitcoin’s (BTC) market dominance increased as other leading cryptocurrencies like Ethereum (ETH) and XRP declined further.
On the stock side, U.S. markets saw a loss of more than $730 billion in value. Large technology companies such as Nvidia and TSLA led the downturn, each dropping over 4%. Shares of defense firm Palantir fell more than 8% despite reporting quarterly earnings and revenue that surpassed Wall Street expectations, with the company’s stock having gained over 160% earlier this year.
Statements from key banking executives added to market concerns. Goldman Sachs CEO David Solomon and Morgan Stanley CEO Ted Pick cautioned that the stock market might face a pullback between 10% and 15%. Mr. Pick said Monday night, “We should welcome the possibility that there would be drawdowns, 10% to 15%, that are not driven by some sort of macro cliff effect.”
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