Key facts
- The Nasdaq index fell 4.1%, and the S&P 500 dropped 2.6% amid a tech stock selloff.
- Bitcoin declined 2.5% to $62,300, and ether fell over 4% to $1,650.
- Over $717 million in cryptocurrency liquidations occurred, exacerbating losses.
- Tech stocks like Intel, Oracle, and Nvidia saw significant price drops.
Major U.S. stock indexes experienced a significant downturn on Friday, led by a sharp decline in technology stocks that dragged the Nasdaq down by 4.1%. The S&P 500 closed 2.6% lower, ending a nine-week streak of gains, while the Dow Jones Industrial Average fell 1.3%. This broad market selloff extended into the cryptocurrency space, impacting major digital assets.
Bitcoin saw a 2.5% decrease, trading at $62,300, and ether dropped over 4% to $1,650. The losses in the crypto market were amplified by $717 million in liquidations across various altcoins. The decline in Bitcoin occurred after Michael Saylor's crypto holding firm announced plans to sell 32 bitcoins, aiming to raise approximately $2.5 million, marking its first sale since December 2022. Gold and silver prices also fell to multi-month lows following a strong jobs report.
Despite Friday's selloff, the S&P 500 remains up 1.7% over the past month, and the Nasdaq has gained 1.5% month-over-month, buoyed by the artificial intelligence boom and increased infrastructure spending by tech companies. Both indexes have seen gains of at least 7.8% since the beginning of the year.
