Wall Street’s Black Friday — Is a 2022-style crypto winter brewing?

November is kicking off with unprecedented levels of market volatility. The past 24 hours have been one big bloodbath. Tech stocks have been hit particularly hard. Over the last 24 hours, markets in the U.S, Japan, South Korea, China and Taiwan have combined to wipe $1.7 trillion off their market cap. This, after a flurry of earnings reports kicked off the “AI bubble” narrative again. The key takeaway? The market got a reality check. For instance, Alphabet lost more than 12% of its market value, highlighting just how quickly sentiment can turn when AI expectations collide with earnings reality. However, it is the timing of this sell-off that is adding another layer of pressure to the crypto market.

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