The cryptocurrency market experienced a sudden sharp decline. On Monday, February 24, U.S. stock indices showed mixed results: the Dow Jones rose by 0.08%, the Nasdaq fell by 1.21%, and the S&P 500 dropped by 0.50%. Semiconductor stocks were broadly lower, with the Philadelphia Semiconductor Index closing down by 2.59%.
Market Overview: Tech and Chinese Stocks Under Pressure
- Tech Sector: Navitas Semiconductor plunged over 8%, while Micron Technology, Qualcomm, AMD, and Intel each dropped more than 2%.
- Chinese Equities: The Nasdaq Golden Dragon China Index tumbled 5.24%, with Alibaba and Bilibili sliding over 10%, Pinduoduo down nearly 9%, and JD.com and New Oriental declining more than 7%.
Cryptocurrency Crash Details
In the early hours, major cryptocurrencies like Bitcoin and Ethereum nosedived:
- Ethereum briefly fell below $2,500.
- Bitcoin retreated under $92,000.
According to CoinGlass, 290,000 traders were liquidated within 24 hours, totaling $855 million in losses.
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Apple Announces $500 Billion U.S. Investment Plan
Despite market volatility, Apple revealed ambitious domestic plans:
- 20,000 new U.S. jobs.
- $500 billion investment over four years, including AI server production in Houston.
- Expansion of supplier education programs in Michigan.
This follows CEO Tim Cook’s meeting with U.S. leadership, emphasizing Apple’s role in supporting 2.9 million American jobs.
Tesla and Nvidia Face Headwinds
- Tesla: Shares fell 2.15% amid concerns over slowing growth and leadership focus.
- Nvidia: Dropped 3.09% ahead of earnings, though demand for its Blackwell GPUs remains strong.
Microsoft Adjusts Data Center Strategy
TD Cowen reported Microsoft is scaling back international data center leases, potentially reallocating $80 billion capital expenditure to U.S. operations. The company confirmed commitments to growth but acknowledged strategic adjustments.
Chinese Tech Giants Double Down on AI
- Alibaba plunged 10.23% despite pledging $380 billion for cloud/AI infrastructure.
- Baidu unveiled upgraded AI features in its app, including "smart search" and digital assistants.
Gold Hits Record High
Safe-haven demand pushed gold to **$2,951.50/oz**, with Goldman Sachs forecasting $3,100/oz by year-end. ETF inflows reached 2022 peaks.
FAQ: Understanding the Crypto Crash
Q: What triggered the cryptocurrency sell-off?
A: The Bybit exchange hack ($1.5 billion theft) and stalled U.S. Bitcoin investment legislation contributed to panic.
Q: How long will market volatility last?
A: While unpredictable, historical patterns suggest stabilization within weeks barring further shocks.
Q: Should investors consider gold now?
A: Analysts recommend diversification, with gold offering stability amid equity and crypto turbulence.
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