Market Mayhem Unleashed 😱
The Kobeissi Letter broke it down with the S&P 500 alone shedding about 3 trillion dollars in market cap on Thursday at roughly 750 billion per hour from the open. Dow data showed a similar 2.9 trillion dollar wipeout which is the biggest single day loss ever recorded for those index names. Nasdaq names dropped another 2.5 trillion while the Magnificent Seven lost just over 1 trillion. 📉✨ The selling was nonstop with at least five intraday bounce attempts on both the S&P 500 and Nasdaq 100 including one wild 1.7 percent rally that got crushed instantly. Not a single green one hour candle showed up all session long. The Nasdaq 100 fell around 6.4 percent and after hours futures took the twelve hour drop to 7.1 percent. Meanwhile the S&P 500 sat about 5 trillion dollars under its October high. 😈🌑 Kobeissi called it more of a technical shakeout than anything fundamental with AI profit worries capex fears and possible regulation spooking everyone while heavy leverage made it explode once the mood flipped. US leveraged ETFs pulled in about 15 billion dollars in October which was the biggest monthly inflow in at least two years. 💸🚀Crypto Still Tiny AF 🌙
Crypto also got wrecked hard for its scale with the total market cap sitting between 2.55 and 2.65 trillion dollars according to CoinGecko and CoinMarketCap. Bitcoin still holds about 60 percent of that. fr the 2.9 to 3 trillion dollars gone from the S&P 500 in one day beat the entire value of every BTC ETH XRP BNB stablecoin altcoin meme coin and everything else combined. lol this shows the digital asset scene is still way smaller than traditional markets despite all the adoption chatter lately. 🕸️🦇Just another echo from the void by iconofsin.eth 💖
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