A synchronised risk-off move hit equities, crypto, metals and FX, with Bitcoin dropping to $76,518 (−4.99%) after trading near $75,000, while the total crypto market cap fell to $2.55T, down $118B (−4.45%) on volume that was 10% lower. US shares shed $2.3 trillion in market capitalisation as the S&P 500 slid nearly 3% and the Nasdaq 100 fell over 4%, while the Dow 30 lost more than 2% and small caps sank over 3.5%. Mega-cap technology led declines, with NVIDIA down 6.63% and Tesla off 10.03%, while Microsoft fell 2.31%, Alphabet 1.59% and Amazon 1.49%. Overseas, Japan 225 dropped 1.79%, with the FTSE 100 down 0.53% and the DAX 0.43%.
Defensive Positioning In Commodities And Rates
Defensive positioning showed in rates and parts of commodities. Gold gained 1.32% above $4,100 and platinum rose 2.70%, while silver added 0.71% but copper fell 1.65%; crude oil climbed 1.91%, natural gas 0.91% and gasoline 0.32%. In FX, EUR/USD and GBP/USD were slightly higher, USD/JPY lower, AUD/USD sharply lower and USD/CAD slightly higher. Bond yields fell, with the US 10Y at 4.835% (−1.12%) and the Eurozone 10Y at 3.243% (−1.08%), while the UK 10Y was 5.136% (−0.50%) and France 10Y 4.782% (−0.26%).
Crypto Market Sell-Off
In crypto, ETH dropped 6.94% and SOL 6.56%, while PEPE fell 8.74%, DOGE 7.03% and ENA 11.02%, alongside reports of over $300,000,000 of longs liquidated in less than an hour.
