Japan’s stock market is plunging to start the week, fueling a global asset sell-off.
The Bank of Japan’s decision to tighten monetary policy and an increasingly bleak economic outlook in the US have triggered a worldwide market reversal, sending Bitcoin and the crypto markets in a free fall.
After touching $70,000 about a week ago, BTC has plummeted to $54,350 at time of publishing, with crypto traders collectively witnessing a whopping $768 million in liquidations in the last 12 hours, according to Coinglass.
US stock futures are also down, with the Dow Jones Industrial Average futures dropping 383 points, or about 1%. S&P 500 futures and Nasdaq-100 futures are down 1.17% and 2.12%, respectively.
A disappointing US jobs report has significantly increased expectations that the Fed will lower interest rates this year, with JPMorgan Chase reportedly forecasting a 50 basis point drop in September.
We may learn more on the Fed’s next moves on Monday, when San Francisco Fed President Mary Daly gives public comments at a business conference in Hawaii.
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