In a show of volatility that only Bitcoin users and some third world countries are really used to, markets around the world have seen falls in price of up to 10% over Monday and early Tuesday.
Global market meltdown
Rupert Neate of The Guardian reports:
“US stock markets collapsed on Monday continuing a global stock market rout that has wiped hundreds of billions of dollars off shares across the world.
The Dow Jones Industrial Average dropped by 6.4%, the SP 500 dropped 4%, and the Nasdaq lost 8.5% raising fears that a fresh tech bubble has burst. The drops followed already-heavy falls last week.”
The most affected stocks in America were Facebook, losing 14% at one point and Apple going 11% under, though they recovered back into positive numbers soon after.
Here’s a summery of the events from The Guardian.
- The US stock market has suffered its biggest sell-off in four years. The Dow Jones ended the day down 588 points, having shed more than 1,000 points in early trading.
- The SP 500 and Nasdaq are both in correction territory tonight, down 10% on their recent peaks.
- In London, almost £74bn was wiped off the value of the FTSE 100