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Panic Hits Crypto, Stocks, and Commodities at Levels Not Seen Since 2020 Covid Crash
Global financial markets have been witnessing a catastrophic meltdown, with panic levels not seen since the devastating COVID-19 pandemic-induced crash in March 2020. The unprecedented sell-off has affected all major asset classes, including cryptocurrencies, stocks, commodities, and more.
The crypto market is currently experiencing a brutal selloff, with over $240 billion exiting the space in less than 24 hours alone. This sudden exodus has led to a massive correction of around 10% across the board, causing widespread panic among investors.
Meanwhile, stock market futures have plummeted by a staggering 15% in just three days, suggesting that the crisis is far from over. The S&P 500 futures have entered bear market territory, erasing an average of $400 billion per trading day for 32 consecutive days.
Asia’s stock markets have also opened with double-digit declines, prompting many to hit “circuit breakers” in a desperate attempt to prevent further panic selling. Markets that were affected by this include China, Taiwan, Japan, Russell Futures, Australia, and Singapore.
Gold prices are plummeting, down $180 in just two sessions, indicating a significant flight to cash among investors. Oil prices have also tanked, trading below $60 per barrel for the first time since 2016. This unprecedented selloff has seen the VIX fear index skyrocket by an astonishing 14.62%.
The situation is dire, and many investors are left feeling anxious about the future of their investments. Economist and investor Raoul Pal has attempted to reassure those affected, stating that “this too shall pass” and “I hope you’re ready to look for spare cash under the sofa to add very, very soon.”
However, it’s hard to find anyone who shares his optimism in light of such a violent sell-off. Investors are left scrambling to salvage what remains of their portfolios, while others are holding on for dear life.
It is unclear at this stage whether the situation will stabilize or continue to deteriorate further. One thing is certain, however – investors must be prepared to adapt and make difficult decisions quickly in order to protect their assets.
Source: https://cryptopotato.com/panic-hits-crypto-stocks-and-commodities-at-levels-not-seen-since-2020-covid-crash/
