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Global markets have taken a sharp hit over the past few days, wiping out trillions of dollars in value across stocks, crypto, gold, and other risk assets. The S&P 500 alone lost more than $1.8 trillion in a single session, while AI-related stocks shed over $1 trillion.#Bitcoin slipped to around $59,000, and gold posted its worst weekly decline in months.
So what triggered such a broad selloff? In a recent X thread, one analyst has analyzed the current market sentiments.
Strong Economic Data Turned Into Bad News
The biggest catalyst was the latest U.S. jobs report. The economy added 172,000 jobs in May, almost double Wall Street’s expectations.
Normally, strong employment data would boost investor confidence. This time, however, markets interpreted it differently. Investors are currently focused less on economic growth and more on interest rates.
A strong labor market suggests the economy remains resilient, which increases the risk that inflation stays elevated. If inflation remains stubbornly high, the Federal Reserve may delay rate cuts or even consider tighter monetary policy.
That shift in expectations rattled markets, as higher interest rates reduce liquidity and make riskier investments less attractive.
AI Stocks Lead the Selloff
The technology sector took the biggest hit. The Nasdaq plunged more than 1,100 points, while semiconductor stocks lost over $1 trillion in value.
Many AI-related companies had already surged more than 20% in a short period, fueled by enthusiasm around artificial intelligence. With valuations stretched, investors began taking profits at the first sign that interest rate cuts may not arrive as quickly as expected.
The result was a sharp valuation reset across the AI sector.
$BTC
Bitcoin, Crypto, and Gold Join the Decline
Crypto markets followed the same pattern. When investors become more risk-averse, highly volatile assets often face the largest outflows first.
Bitcoin dropped to around $59,000, dragging the broader crypto market lower. Fear quickly spread across altcoins as traders reduced exposure.
Gold also suffered. The precious metal fell nearly 5% this week and now sits roughly 18.5% below its all-time high. Rising bond yields, a stronger U.S. dollar, and growing rate-hike concerns all weighed on gold prices.
More Pressure Could Be Ahead
Markets also face growing geopolitical uncertainty tied to tensions involving Iran, which has raised concerns around energy prices and inflation.
At the same time, several massive IPOs could drain liquidity from markets. Reports suggest SpaceX is preparing for a public listing, while Anthropic and OpenAI are also exploring IPO plans. Large institutions often sell existing holdings to free up capital before major offerings.
Taken together, strong jobs data, higher rate fears, AI profit-taking, crypto weakness, geopolitical tensions, and upcoming capital raises created the perfect storm. For now, the market’s message is clear: investors care more about interest rates and liquidity than strong economic growth. Until inflation cools and rate-cut expectations return, volatility is likely to remain elevated.
#CryptoNewss #NasdaqWorstDayInOverAYear #TurkeyGovernmentRegistersENSDomain #IranWarnsOfHormuzStraitClosure

Crypto is on course for its worst week since July 2024, with the ether price approaching a critical support as a zcash exploit and AI capital rotation pile on the pressure.
The crypto market is teetering on the brink of a major breakdown in price after suffering one of its worst weeks since July 2024
, currently trading around $62,500 has lost more 14.5% since midnight UTC on Monday morning, while ether (ETH) has plunged by more than 17%, dropping 5.5% on Friday alone
Ether, the second-largest cryptocurrency, is now at its lowest level since April 2025, when it bounced at $1,420 before rallying to record highs over the subsequent four months. A break below that level would bring it toward 2022 bear-market levels, when it dipped below $900.
The broader altcoin market also suffered deep losses this week. One of the worst performers on Friday was zcash (ZEC), which tumbled by more than 30% after a security researcher found an exploit that would have minted "unlimited" tokens in its shielded pool.
There are multiple catalysts causing this week's slide. Strategy (MSTR) Executive Chairman Michael Saylor attributed it to capital rotation in light of a series of artificial intelligence IPOs in the U.S., while onchain analysts are pointing towards a lack of spot crypto volume.
CryptoQuant notes that spot trading volume fell to $679 billion in April, the lowest monthly level since October 2023, indicating a lack of demand.
Derivatives positioning
BTC derivatives positioning has flipped from mild improvement to clear deleveraging this week. Open interest dropped 15% to $17 billion, with funding rates flipping negative to flat across multiple venues
At Deribit, the rate dropped to -15% annualized, a notable reversal from the prior positive regime. The three-month annualized basis fell to 2.7% from 2.9% last week, confirming a pullback in institutional risk appetite.
Options positioning has turned clearly defensive: Put/call volume has flipped to a 50/50 split over the past 24 hours, losing the prior call tilt, while the one-week 25-delta skew more than doubled to 27% from 13% a week ago. That signals a sharp escalation in demand for downside protection.
Front-end implied volatility (DVOL) has climbed further to 47, confirming a sustained bid that aligns with the broader deleveraging in derivatives.
Coinglass data shows $1.2 billion in 24-hour liquidations, with a 76-24 split between longs and shorts. Bitcoin ($364 million), ether ($291 million) and zcash ($107 million) were the leaders in terms of notional liquidations.
The Binance liquidation heatmap indicates $60,900 as a core BTC liquidation level to monitor, in case of a price drop.
Token talk
Zcash's (ZEC) plight on Friday sowed seeds of doubt across privacy coins, with monero (XMR) losing 12% since midnight UTC and dash (DASH) dropping 9%.
ZEC's losses were compounded by BitMEX founder Arthur Hayes, who said on X that his firm had sold its entire allocation of the token.
There were also heavy losses for
$ADA
, which tumbled by more than 10% after the project's founder, Charles Hoskinson, said that he was "taking a break" after warning of ecosystem failures.
AI tokens lost their early week momentum as FET, NEAR and TAO fell 4%-6% despite outperforming the rest of the market on Monday.
One reason for altcoin holders to be hopeful is the fact that the average relative strength index (RSI) across all crypto pairs is in "oversold" territory, suggesting that a relief bounce could be on the cards this weekend
#MyStocksQuestion #FidelityLowersSpaceXIPOMinimumTo$2000 #ZECVulnerabilityTriggersOver50PercentDrop #IsraelLebanonCeasefireOilDropsOver3Percent

Apyx’s apxUSD stablecoin briefly slipped to 93 cents Wednesday
tablecoin depegs are a recurring feature of crypto bear markets. And the latest candidate is apxUSD, the preferred equity-backed stablecoin of the Apyx protocol.
As market leader bitcoin
$BTC
fell sharply in the past 24 hours, reaching lows under $63,000 at one point, apxUSD briefly slipped to as low as 93 cents, deviating from its 1:1 dollar peg, according to CoinMarketCap.
The stablecoin is primarily backed by preferred equity issued by digital asset treasury firms, specifically Strategy's STRC shares, which carry a $100 par value.
The protocol purchases those shares, collects the dividend they pay and distributes the yield to onchain holders. The reserve basket also includes short-term U.S. Treasuries and cash equivalents to ensure liquidity and reduce concentration risk.
Apyx runs a two-token system. apxUSD is the base stablecoin designed to trade at $1 and does not pay yield; holders who deposit apxUSD receive apyUSD, a yield-bearing savings token that accrues returns through dividends flowing in from the underlying preferred shares.
That said, because preferred equity makes up the majority of those reserves, the stablecoin is influenced by the volatility in the underlying shares. So, when STRC trades below its $100 par value, the market value of apxUSD's reserves declines, leading to volatility in the stablecoin in secondary markets.
This, according to Apyx, isn't an extraordinary development.
"This is not a bug, it is the expected behavior of a stablecoin backed by preferred equity rather than cash deposits. Holders who understand STRC's risk profile and its history of mean-reversion should view these episodes as the asset class working through its normal cycle, not as evidence of a broken peg," the protocol noted in a detailed X post.
It explained that its peg stability model has multiple layers to absorb stress. The preferred shares have structural features that allow issuers to raise dividend rates, which draw demand for the shares, lifting their value toward par over time.
According to Apyx, Strategy has historically used this lever. Note that STRC has traded below its par value four times since August last year, and each episode ended with prices bouncing back to $100.
Beyond that, Apyx said that it maintains collateral value in excess of the stablecoin's circulating supply. This buffer helps absorb mark-to-market drawdowns in the backing assets before they meaningfully impact the peg.
"Users can compare the collateral position against apxUSD supply in real time through the app dashboard," it said.
The explainer comes as market participants panicked over the brief de-peg, with some saying persistent volatility could shake investor confidence.
There were also concerns about cascading liquidations across Morpho lending markets, but Apyx said those were largely misplaced. It said that its main apyUSD/apxUSD Morpho market is driven by dividend accrual, not STRC's spot price, which means that volatility in STRC doesn't impact that oracle and trigger liquidations
$BTC $ETH
#VOOFirstETFToSurpass$1Trillion #USIranTensionsTriggerCryptoLiquidations #BitcoinETFPremiumTwoYearLow