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Core Viewpoint - The recent market turmoil, particularly in technology stocks and cryptocurrencies, has highlighted the fragility of investor confidence and the risks associated with high leverage and speculative investments [1][3][5]. Group 1: Market Overview - On November 4, U.S. stock indices experienced a significant drop, with the Nasdaq falling by 486 points, leading to a collective plunge in technology stocks, cryptocurrencies, and oil markets [1]. - Bitcoin's price fell below the psychological threshold of $100,000 for the first time since June, reaching a low of approximately $99,932, with a single-day decline exceeding 6% [3][5]. - The total market capitalization of cryptocurrencies saw a substantial decrease, with hundreds of billions of dollars evaporating in a single day [3][5]. Group 2: Factors Behind the Decline - The decline in asset prices is attributed to a shift in market sentiment, particularly regarding the Federal Reserve's monetary policy, which has led to a reassessment of previously high valuations [11][13]. - Statements from Federal Reserve officials, including Lisa Cook and Jerome Powell, have dampened expectations for imminent interest rate cuts, causing a rapid increase in the yield of 10-year U.S. Treasury bonds to 4.5% [11][13]. - The market's reliance on low-cost liquidity has been shaken, leading to a painful revaluation of assets that were previously buoyed by the expectation of continued monetary easing [11][13]. Group 3: Impact on Cryptocurrency Market - The cryptocurrency market, particularly Bitcoin, has been significantly affected by the reversal of monetary policy expectations, leading to a sharp decline in prices and a massive liquidation of leveraged positions [17][18]. - Over 40% of traders faced liquidation, with approximately $18 billion in funds wiped out within 24 hours, primarily affecting bullish positions concentrated around the $100,000 to $105,000 range [22][23]. - The fear and greed index for cryptocurrencies plunged into the "extreme fear" zone, indicating widespread panic among investors [25]. Group 4: Broader Implications - The current market conditions serve as a stark reminder of the risks associated with speculative investments and the dangers of high leverage, as evidenced by the rapid liquidation of positions in both the tech and crypto sectors [20][27]. - Analysts have warned of potential market corrections, with predictions of a 10% to 20% pullback in the stock market over the next one to two years [15]. - The collapse of previously inflated asset prices underscores the importance of valuing investments based on fundamentals rather than speculative narratives [29].