As a seasoned analyst with over two decades of experience navigating the tumultuous waters of global markets, I must say that the recent volatility in the cryptocurrency market is nothing new to me. The swift and unpredictable nature of these digital assets has often reminded me of a wild rollercoaster ride – exhilarating one moment, stomach-churning the next.
After the U.S. jobs report on Friday, the initial surge in the cryptocurrency markets soon showed signs of volatility and reversed its direction.
In just an hour on the cryptocurrency futures market, a sudden change in prices led to approximately $50 million worth of positions being closed due to the high volatility, with many overleveraged traders caught unawares, particularly those who had bet on further price increases based on the data from CoinGlass.
During their initial trading period, major U.S. stock indexes experienced a downward trend, which coincided with a drop in prices. Specifically, the Nasdaq Composite Index fell by 1.9%, and the S&P 500, a broader index, decreased by 1.15% approximately an hour after the market opened.
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2024-09-06 17:53