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Market Overview - Risk assets have experienced a significant sell-off, with cryptocurrencies and tech stocks declining sharply. Bitcoin and Ethereum fell over 5%, while the total liquidation in the cryptocurrency market exceeded $830 million, affecting approximately 227,000 traders [1][2][3]. Cryptocurrency Market - Bitcoin's price dropped to approximately $87,200, marking a decline of over 7% year-to-date, which could lead to its first annual drop since 2022. 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% [2][3]. - The total liquidation of long and short positions in cryptocurrencies over the past 30 days reached $8.25 billion, indicating significant market volatility [3]. Stock Market Impact - Concerns over tech stock valuation bubbles have intensified, leading to a sharp decline in major U.S. stock indices. Notable tech stocks like Sandisk and Micron saw declines of over 20% and 10%, respectively [4][5]. - The South Korean Composite Index and the Nikkei 225 Index fell by 3.65% and 2.26%, respectively, with major tech companies like SoftBank and SK Hynix experiencing significant losses [5]. Federal Reserve Influence - The Federal Reserve's cautious stance on interest rate cuts has contributed to the pressure on risk assets. Recent employment data showed a significant increase in non-farm payrolls, leading Morgan Stanley to abandon its previous expectation of a rate cut in December [5][6]. - Several Federal Reserve officials have downplayed the likelihood of a December rate cut, citing ongoing inflation concerns and the potential for asset price adjustments [6][7]. Market Sentiment - The current market sentiment reflects a growing apprehension regarding the stability of both the cryptocurrency and stock markets, driven by macroeconomic factors and Federal Reserve policies [3][6].