Log in to today’s North American session Market wrap for February 5
Bitcoin and cryptocurrencies are taking center stage in the selloff, with BTC plunging 10% to $63,000 and altcoins suffering even steeper losses of 20% or more.
The technology sector looks increasingly fragile, with price action bearing a haunting resemblance to the 2021 decline that sidelined the Nasdaq for nearly 18 months.
Equities bled red today, overshadowing what should have been a celebratory moment for Alphabet.
According to recent reports, while Google posted record profits in yesterday’s earnings, the stock was hammered as investors and brought with it some rough selling waves for the rest of the Market.
Metals are also crashing with Silver dropping 10% back to $73, casting doubt on their role as sensible risk assets following the parabolic runs and massive repricings of the last few years.
The velocity of this selloff suggests things won’t calm down immediately.
