Crypto markets and AI-linked stock perpetuals experienced a sudden flash crash over the weekend, with declines reaching 5% within minutes before a quick rebound. Bitcoin dropped approximately $1,000 before bouncing back by $1,200, while Ethereum fell from $2,420 to $2,360 before recovering to $2,410. Major semiconductor and AI stock perpetuals also plunged, including SOXL (-5.45%), SNDK (-3.6%), and MU (-3.42%). These moves coincided with a painful week for traditional markets, with the S&P 500 down 2%, the Nasdaq 100 and Nikkei down roughly 5%, and the KOSPI down nearly 14%. Fears of a ‘Black Monday’ are mounting, although some analysts predict the S&P 500 could soon hit a new all-time high of 8,000.
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