Global financial markets were jolted on September 3 as both major tech stocks and cryptocurrencies experienced severe downturns, erasing significant market value.
The “Magnificent 7” tech giants—comprising Alphabet (Google’s parent company), Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—collectively shed a staggering $550 billion in market capitalisation, marking one of the most substantial single-day losses for these industry leaders in recent months.
This market rout also coincided with a sharp 6% drop in the cryptocurrency market, which saw its total market capitalization fall by approximately $100 billion. Bitcoin led the decline with a more than 5% drop, hitting $55,746 during early trading in Asia. Ethereum also suffered a significant fall, dropping 7% to just above $2,300 before showing slight signs of recovery.
The market downturn is being dubbed ‘Slumptember,’ a term referencing September’s historically bearish trend for both stock and crypto markets.
Nvidia, in particular, faced one of its steepest declines since April 2024, driven largely by an antitrust subpoena issued by the United States Department of Justice.
Market analysts predict that volatility will likely persist throughout the month, with some forecasting a possible relief rally for Bitcoin in the near term. However, the immediate outlook remains uncertain as trading volumes continue to be low, leaving the potential for a swift recovery unclear.
