Globally, there is a wave of financial collapses in various markets. Black Monday or Black Swan? As a global sell-off intensifies and investors begin to fear, stocks and cryptocurrency have crashed. Complete turmoil in Japan as equities are headed for their largest fall in over eight years after a huge loss on Friday.
Comparing this decrease to the Black Monday disaster of 1987, it is considerably greater. With the markets plunging more than 5%, South Korea has suspended all sell orders.
The Magnificent 7 stocks in the US have lost around $500 billion in value in a single night. According to Finbold, “in a staggering blow to the markets, $2.9 trillion was wiped from stocks in the early trading hours of August 2 amid mounting fears of a global recession. The sharp sell-off marks the worst day since the 2020 COVID-19 crash.”
Japan’s Nikkei 225 dropped 18.2% in two days, including a 12.4% plunge on August 5th, — the worst single-day decline since 1987.
Taiwan’s stock market suffers from the worst day in 57 years.
Over $1,000,000,000 were liquidated from the cryptocurrency market in the past 24 hours while Bitcoin is currently trading at $52,500.
Is this a market carnage amid a looming U.S. recession and a possible new war in the Middle East?