$2.7 trillion stock sell-off triggers extreme fear in crypto market

A massive stock sell-off on Thursday sparked a panic that spread to cryptocurrencies, wiping over $2.7 trillion from the S&P 500’s value.

The fear was contagious. The crypto market lost 7% of its value, and Bitcoin dropped to $85,000 for the first time since April. The sell-off triggered $829 million in crypto liquidations.

Compare Top Forex and Crypto brokers and start trading and investing with a trusted partner

Analysts attribute the decline to a combination of macroeconomic concerns and shifting market dynamics. Strong jobs data and comments from a Fed official have caused investors to reassess the risk of a potential economic slowdown.

As a result, the chance of a December interest rate cut has plummeted to just 35%. Experts now warn of a choppy market ahead as investors navigate high uncertainty.