Title: Slumptember: $550 billion as tech giants and crypto markets sink
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Global markets took a sharp downturn on September 3 as both tech stocks and cryptocurrencies faced significant losses.
The “Magnificent 7” tech companies, including Google’s parent company Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, collectively lost $550 billion in market capitalisation.
This marks one of the largest daily losses for these tech giants in recent months.
The slump coincided with a 6% crash in the cryptocurrency markets, with total market capitalisation dropping by approximately $100 billion.
Bitcoin saw a decline of more than 5%, hitting $55,746 during early trading in Asia, while Ethereum fell 7% to just above $2,300 before a slight recovery.
The downturn is being referred to as ‘Slumptember’, as September has historically been a bearish month for both stock and crypto markets.
Nvidia experienced one of its sharpest declines since April 2024, largely due to an antitrust subpoena from the United States Department of Justice.
Analysts note that volatility is likely to persist through the month, with a possible relief rally for Bitcoin predicted in the near future.
However, immediate signs of recovery remain unclear as trading volumes remain low.
Published Date: 04-Sep-2024
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