On March 8, local time, the three major U.S. stock indexes collectively closed down, with the Dow Jones Industrial Average falling 0.18%, the Nasdaq Composite Index falling 1.16%, and the S&P 500 Index falling 0.65%.
On the news,The number of non-farm payrolls in the United States increased by 275,000 in February, and the unemployment rate rose to 3.9%.The data reinforced market expectations that the Federal Reserve will cut interest rates by 25 basis points in June.
On March 8, data from the U.S. Bureau of Labor Statistics showed that the U.S. non-farm payrolls increased by 275,000 in February, once again higher than the expected 200,000. The number of employed people in January was significantly revised down to 229,000 from the previous 353,000. people.
Meanwhile, the unemployment rate rose to 3.9% from 3.7% in January. That marked the first increase in the unemployment rate in four months, which is now at its highest level in the past two years.
According to China Fund News, analyst Ira Jersey commented on the U.S. non-farm payroll data in February: “The interest rate market may focus on the increase in the unemployment rate and the downward revision of the previous value. Although the labor market is far from weak, there are also signs of cracks. This may solidify market expectations for a rate cut by the Fed by mid-year.”
NVIDIA’s intraday “dive” exceeded 10%, and its market value evaporated by 923.4 billion yuan overnight.
Nvidia fell by more than 5% during the session, and rose by 5% in early trading, the largest single-day decline since May 2023. As of the close of trading on March 8, local time,NVIDIA reported US$875.28, a decrease of 5.55%, with a market value of US$2.2 trillion. Its market value evaporated by US$128.5 billion (approximately RMB 923.4 billion) overnight.
In the morning of March 8, local time, Nvidia’s stock price rose to a maximum of $974, setting an intraday record high. The chipmaker’s market value has increased by more than $1 trillion this year so far in 2024, putting its stock price well above the last time it split its stock.Some think it’s perfectly poised for another stock split. The last time Nvidia announced a four-for-one split was in May 2021, when the stock price was about $600 per share. Today, the stock is approaching the $1,000 mark, continuing last year’s 240% gain. Ken Mahoney, president and CEO of Mahoney Asset Management, said, “I expect that Nvidia may split its stock in the next year or so, and at that time there may be some small and medium-sized retail investors who think the current stock price is unattainable.” According to the press release It shows that the reason given by Nvidia for the stock split in 2021 is to “make it easier for investors and employees to hold stocks.”
in addition,In a letter to shareholders on Thursday, Ark Invest CEO and chief investment officer Cathie Wood issued a warning about future competition from Nvidia. She pointed out that unlike Cisco in the Internet era, Nvidia is currently facing increasingly fierce competitive pressure.
Wood said in the letter: “In the long run, unlike Cisco’s historical trajectory, Nvidia’s competitive environment may become more severe. This is not only because (Supermicro devices) are gradually achieving market success, but more importantly, Nvidia’s major customers — including cloud service providers and companies like Tesla — are actively designing their own AI chips.”
The view highlights Wood’s concerns about Nvidia’s market position, especially in the field of artificial intelligence chips. She believes that Nvidia may face competitive challenges from many aspects as more companies enter this field and seek to become self-sufficient.
Most popular tech stocks fell, Intel fell by more than 4%, Tesla, AMD, and Meta fell by more than 1%, while Apple rose by more than 1%. The semiconductor and robotics sectors were among the top decliners, with Arm falling more than 6%, ON Semiconductor falling more than 5%, ASML falling nearly 5%, Kelei falling more than 3%, and Qualcomm and NXP falling more than 2%. Cruise ships, real estate, and department stores were the top gainers. Carnival Cruise Lines and department stores rose by more than 4%, Alexander Real Estate and Camden Property Trust rose by more than 2%, and Ambrosia rose by more than 1%.
After Bitcoin broke through 70,000 US dollars for the first time, it fell back to nearly 4,000 US dollars in a flash crash, and 70,000 people liquidated their positions on the entire network in 24 hours.
On the evening of March 8th, Beijing time, Bitcoin exceeded US$70,000, setting a record high.It is worth noting that just after Bitcoin hit a new high, there was a big dive, and then there was another drop in the next half hour.‘Flash Crash’ pulls back nearly $4,000。
Cryptocurrencies rise and fall rapidly, causing many people to liquidate their positions. According to COIN statistics, a total of 70,000 people liquidated their positions on the cryptocurrency network in the past 24 hours, and US$260 million (approximately RMB 1.92 billion) in funds evaporated.
A reporter from “Daily Economic News” noticed that Bitcoin will usher in a new round of “halving” next month (April 2024). Historically, the “halving” has been an important factor in driving the price of Bitcoin.
“Having” refers to the halving of the rewards obtained after producing new blocks, which occurs approximately every four years, depending on the block generation speed of the Bitcoin network. This will reduce the supply of Bitcoin,It is expected that on April 23, 2024, the block reward will drop from 6.25 (BTC) to 3.125 (BTC).
Regarding the upcoming “halving”, Kevin, founder of Web3 CD and CEO of Full Speed Innovation Capital, pointed out in an interview with a reporter from “Daily Economic News” that “this round of Bitcoin prices is different from the previous one. The reason is that previous cryptocurrency bull markets were all after the ‘halving’.But this time it is before the halving, so this round of market may go out in a different way from the previous times.However, at least for now,The cryptocurrency market as a whole is still in a relatively disorderly state., no one can better predict the next trend. “
According to the International Finance News, Gao Chengshi, executive member of the Blockchain Committee of the China Computer Society, believes: “In the short term, the price of Bitcoin is likely to rise further, and there will be some room for growth. In the long term, As the Bitcoin consensus further expands, more and more institutions and individuals will use it as an asset management and allocation tool, so its price will inevitably rise further in the long run.”
Since the advent of Bitcoin, the price has fluctuated all the way, with sharp rises and plummets almost the norm. The multiple risks faced by the market cannot be ignored. “Risk is an inherent attribute of financial activities, and the encryption industry is no exception. The current cryptocurrency market is still facing potential negative factors such as increased macroeconomic uncertainty, the existence of industry ‘black swans’, and unclear regulatory policies.” Digital Asset Trading Zhao Wei, senior researcher at the platform OKX Research Institute, said.
“As an emerging digital asset, Bitcoin price fluctuations are affected by many factors, including market sentiment, macroeconomic environment, technological innovation, regulatory policies, etc.” Yu Jianing analyzed that the regulatory attitudes and policies of various countries towards cryptocurrency are at a critical stage. As it continues to evolve, any new regulatory measures could have a significant impact on the price of Bitcoin. At the same time, changes in the global macroeconomic environment, such as changes in interest rates, inflation rates and international trade relations, may also affect the value of Bitcoin and other cryptocurrencies. In addition, current cryptocurrency trading platforms and wallets still face risks such as hacking attacks and security breaches.
(Source of article: Daily Economic News)
Article source: Daily Economic News
Original title: Sudden! NVIDIA’s “dive” exceeded 10%, and its market value evaporated by 920 billion yuan. What happened? Bitcoin “flash crashed” to nearly $4,000, and 70,000 people on the entire network liquidated their positions…
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2024-03-08 23:36:19
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