Asian and U.S. equity markets lost $1.7 trillion in market capitalization over 24 hours, driven by weak tech earnings and fears about the AI bubble. The pressure comes amid high interest rates, oil prices above $100, rising inflation and uncertainty surrounding the U.S. midterm elections. Bitcoin, which has fallen more than 30% from its $126,000 pre-crash peak in October 2025, could experience a further decline below $80,000. Parallels with the 2022 cycle, when it fell to $16,000 before rallying 155% and then another 120%, suggest that capitulation could continue through year-end. The crypto market nevertheless remains exposed to risks linked to the elections, the Binance hack and the tech sell-off.
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