Global markets collectively crashed, and in the blink of an eye, a staggering $10 trillion market capitalization underwent a dramatic reversal, resulting in a massive transfer of wealth.
1. Gold plummeted 8.2%, wiping out nearly $3 trillion in market value; it subsequently recovered nearly $2 trillion.
2. Silver's market capitalization initially plunged 12%, wiping out $750 billion, before a strong reversal, recovering $500 billion.
3. The S&P 500 fell 1.23%, wiping out $780 billion in market value; it recovered all its losses by the close, recovering $530 billion.
4. The Nasdaq Composite plunged over 2.5%, wiping out $760 billion in market value; it rebounded by $580 billion by the close.
5. In contrast, the cryptocurrency market fared even worse. Bitcoin plummeted from $88,000 to $83,400, and currently shows no signs of significant recovery, becoming an orphan abandoned by the market.