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Market Overview - Risk assets have experienced a significant sell-off, with cryptocurrencies and tech stocks leading the decline. Bitcoin and Ethereum both fell over 5%, while the total liquidation in the cryptocurrency market exceeded $8 billion, affecting approximately 227,000 traders [3][4]. - The South Korean Composite Index dropped over 3%, and the Nikkei 225 Index fell more than 2%, reflecting a broader concern over tech stock valuations [3][7]. Cryptocurrency Market - Bitcoin's price has dropped to approximately $87,200, marking a decline of over 7% year-to-date, which could result in its first annual drop since 2022 [4]. - The likelihood of Bitcoin falling below $90,000 by year-end has risen to 50%, while the chance of it surpassing $100,000 by 2025 is only 30% [4][6]. - Analysts indicate that Bitcoin has broken below its 50-day and 200-day moving averages, leading to a loss of interest from trend-following investors [5]. Federal Reserve and Economic Indicators - The Federal Reserve's expectations for interest rate cuts have significantly diminished, with Morgan Stanley no longer predicting a rate cut in December. The recent employment data showed a substantial increase in non-farm jobs, which has led to a reassessment of economic conditions [8][9]. - Federal Reserve officials have expressed concerns about inflation remaining around 3%, indicating a cautious approach towards future rate cuts [9][10]. Tech Stock Performance - Major tech stocks have seen substantial declines, with companies like SanDisk and Micron experiencing drops of over 20% and 10%, respectively. This trend is attributed to renewed fears of a tech valuation bubble [7][8]. - The sell-off in tech stocks has been exacerbated by the Fed's stance on interest rates, as officials have downplayed the likelihood of imminent rate cuts [8][9].