2024 Black Monday
Black Monday 2.0: A Day of Reckoning
August 5, 2024, a date that will be etched in the annals of financial history. The global markets experienced a cataclysmic event, a day that has been aptly dubbed "Black Monday 2.0." It was a day when fear gripped investors, sending shockwaves through every corner of the financial world.
The Japanese market took the brunt of the sell-off, suffering its worst single-day decline ever. The so-called "Seven Fairies" - Japan's tech giants - collectively lost a staggering 50 trillion yen in market capitalization within a single trading session.
The cryptocurrency market wasn't spared either. Bitcoin and other major cryptocurrencies plummeted, wiping out 15 trillion yen in market value within 24 hours.
The market's sentiment took a dramatic turn. Investors, spooked by the sudden and sharp downturn, began to anticipate an emergency interest rate cut by the Federal Reserve. The probability of such a move surged to 60%.
In a desperate attempt to stem the tide of selling, the South Korean government was forced to halt all selling orders on the stock market. Meanwhile, the Nasdaq Futures index plunged by a staggering 7%, a unprecedented decline.
Closer to home, the Thai stock market also hit a new low. The SET index fell to its lowest level in four years, reflecting the global panic.
Amidst the chaos and despair, a glimmer of hope emerged. MoNoRi-Chan, a seasoned trader, had made a bold decision to go long on Stellar Lumens (XLM) just as the market was hitting rock bottom. This contrarian bet paid off handsomely as XLM rallied by a remarkable 19%, providing a much-needed respite for investors.
The Black Monday of 2024 was a stark reminder of the fragility of the global financial system. It was a day when fear and panic reigned supreme. However, it was also a day when the resilience of the market was tested, and some investors, like MoNoRi-Chan, managed to find opportunities amidst the chaos.
As the dust settles, the world will be watching closely to see how the markets recover and whether this event will mark a turning point in the global economy.
