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🔥 A Night of Terror: US Chips Lose Over $1 Trillion, Crypto Loses Nearly $200 Billion in Market Capitalization Last night, both Wall Street and crypto plummeted: - BTC hit a low of $59.1K on the night of June 5th, its lowest level since October 2024. It has lost over 19% in the past week. - $1.75 billion from 351K traders was liquidated in 24 hours. - ETH fared even worse, hitting a 13-month low around $1,540. - Crypto market capitalization evaporated by approximately $200 billion in this single event. It has since recovered slightly. In the US stock market, chips took the heaviest blow: - S&P 500 -2.6%, ending a 10-week winning streak. Nasdaq - 4.2% - Semiconductor sector alone wiped out over $1 trillion in market capitalization - Nvidia -6%, Micron -11%, Broadcom -19% over two sessions combined. The funny thing is that the catalyst was... good news. The May jobs report was stronger than expected, adding 172,000 jobs compared to the expected 88,000, with unemployment remaining at 4.3%. Good news, yet the market was apprehensive, because strong employment means the Fed has no excuse to cut interest rates. The yield on 10-year US Treasury bonds surged to nearly 4.5%. Expectations have now completely reversed to the upside. BNP Paribas even forecasts the Fed will raise interest rates three times starting in December. A few months ago, the market thought it would remain unchanged until the end of 2026, but now it's reversed. Adding to the pressure is the outflow of funds to make room for SpaceX's $1.75 trillion IPO next week. Those wanting to own SpaceX should sell off their AI, chip, and crypto holdings to raise capital.