BiyaPay Analyst: US Stock Market Plunges, Asian Stock Markets Halt Trading, Bitcoin Falls Below $100,000

On November 5th, the US stock market witnessed a "Black Tuesday" as all three major indexes witnessed a decline. The Nasdaq dropped by more than 2%. Tech stocks came under particularly heavy pressure, with major tech stocks like NVIDIA and Tesla falling by more than 5%. Asian stock markets were also not immune. The South Korean KOSPI and the Japanese Nikkei 225 index fell by more than 4% and 2.7% respectively. Meanwhile, Bitcoin fell below the $100,000 psychological level, with a 5% decline. The US dollar strengthened to a three-month high, intensifying the downward pressure on high-valuation tech stocks and the crypto market. BiyaPay analysts stated that market sentiment is weak. The strong US dollar and changes in Fed rate cut expectations have led to a reduction in investor confidence in risk assets. It is expected that the US stock market and cryptocurrency will continue to face pressure, especially high-valuation tech stocks. BiyaPay supports USDT trading for US stocks, Hong Kong stocks, and futures, and provides a 0-fee digital currency spot contract to help investors flexibly allocate multiple assets and seize structural opportunities in volatile markets.