Crypto markets have fallen below $2 trillion total capitalization in a massive double-digit crash, the likes of which have not been seen for at least a year.

Stock markets in Asia are also reeling this Monday morning following a tech stock rout in the United States late last week.

“Markets are trading like a recession has already arrived,” commented the Kobeissi Letter on August 5.

Current situation:

1. Japan's stock market is officially in correction territory

2. #Bitcoin and Ethereum are down 11% and 20% today

3. The Nasdaq 100 is officially in correction territory

4. The 10-Year Note Yield is down 60 basis points in 1 week

5. The unemployment rate…

— The Kobeissi Letter (@KobeissiLetter) August 5, 2024

Economic Calendar August 5 to 9

Monday, we will see July’s final S&P services PMI (purchasing managers index), which provides a snapshot of business conditions in the services sector in the United States.

The ISM services report is also due, which will provide economic indicators for service based on surveys of supply management professionals. Changes in ISM and PMI reports often precede changes in the wider economy.

Thursday has initial jobless claims data, which indicate employment and labor markets in the United States and have a wider impact on the economy.

Upcoming Major U.S. Economic Reports & Fed Speakers
1) /economic_calendar pic.twitter.com/ZG1VawNRhe

— Markets Bot (@markets_bot) August 4, 2024

This week’s light economic events calendar will not have much impact on markets as they are already in freefall.

Retail giant Amazon missed sales estimates last week, stating that it anticipated weakening consumer demand in the third quarter.

“There’s a lot of events that are occupying people’s attention right now, from political conventions to the election itself to the Olympics,” commented Amazon’s chief financial officer, Brian Olsavsky.

Economists are forecasting more economic doom and gloom. “All in, we have an economic slowdown for sure, with a high probability that a recession is approaching,” reported Forbes over the weekend.

Crypto Markets Bleed $280B

Crypto markets have dumped a further $280 billion over the past 12 hours resulting in a daily slump of around 13%.

This has dropped total market capitalization back to $1.94 trillion, its lowest level since February. Digital asset markets have dumped more than 20% over the past week as sentiment shifts to bearish.

Bitcoin led the declines with a slump to under $50,000 during the Monday morning Asian trading session. The asset has lost 13% over the past 24 hours in its largest and fastest fall for more than a year.

Ethereum fared even worse, tanking a whopping 21% on the day to $2,200, its lowest level since January.

The altcoins are a sea of red this morning, with most dumping double digits as crypto markets wipe out nearly all gains made in 2024 in the space of a couple of days.