We Are Still Early: One Brutal Wall Street Session Erased More Than the Entire Crypto Market

On Thursday, the S&P 500 lost roughly $3 trillion in market value in a single session, a drop larger than the entire cryptocurrency market, which CoinGecko and CoinMarketCap valued at $2.55 trillion to $2.65 trillion. Dow Jones Market Data put the index’s decline at about $2.9 trillion, the largest one-day wipeout on record for its constituents, while Nasdaq companies lost another $2.5 trillion and the Nasdaq 100 fell about 6.4%. The Kobeissi Letter described the selling as more technical than fundamental, citing earlier concerns about AI profitability, capital spending and regulation plus record leverage; US leveraged ETFs took in about $15 billion in October. Bitcoin accounted for about 60% of the crypto market’s value.