The Institute for Supply Management (ISM) in the United States announced last night that the Purchasing Managers' Index (PMI) for manufacturing in August was 47.9, lower than market expectations of 48, shrinking for the fifth consecutive month and raising concerns about an economic recession. AI and semiconductor concept stocks fell sharply, and NVIDIA fell 9.5%, evaporating $279 billion in market value.

Affected by the heavy decline of the US stock market, Asian stock markets also fell to the ground after opening this morning, with Japanese stocks being particularly affected. The Nikkei 225 index fell more than 1500 points at one point, a drop of over 3%. In addition, both South Korea and Taiwan have experienced declines ranging from 2% to 3%.

In such a market environment, Bitcoin and cryptocurrencies are equally difficult to stay out of it. Bitcoin once fell below $56000, and in the past 24 hours, a total of 76282 people have been liquidated, with a total liquidation amount of approximately $200 million.

About GT Radar

GT Radar radar focuses on building long-term and stable growth quantitative investment portfolios, with over 10 years of experience in stock market and cryptocurrency quantitative trading. The trading system integrates over 150 strategies, aiming to provide extremely high adaptability and resilience, ensuring the most robust way to obtain profits from the market.

Join GT Radar discussion group

Weekly Market Analysis Report