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Stock markets and crypto assets are in meltdown mode again, as billions have been wiped out over the past day.&nbsp;The “Magnificent 7” high-flying tech stocks have erased $550 billion in market capitalization on Sept. 3.
The group includes Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, which have outpaced the rest of the S&amp;P 500 in growth for the past two years.
Additionally, AI giant Nvidia (NVDA) is on track for its largest daily drop since April 2024 following an antitrust subpoena from the United States Department of Justice (DOJ).
“September is historically the most volatile month of the year for stocks,” the Kobeissi Letter noted before adding, “We’re starting September off on a volatile note.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 BREAKING: Magnificent 7 stocks have now erased $550 BILLION of market cap today.
 Nvidia, <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$NVDA</a>, is on track for its largest daily drop since April 2024.
 Volatility is here to stay. <a href="https://t.co/GNaNbOc2km" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/GNaNbOc2km</a>
 — The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1831043901832171991?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 3, 2024</a>
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<h2 id="crypto-black-monday-redux">Crypto Black Monday Redux</h2>
Crypto markets are currently in <a href="https://cryptopotato.com/bitcoin-ethereum-ripple-whales-retreat-heres-what-it-means/" data-wpel-link="internal" rel="noopener noreferrer nofollow">freefall</a> with a slump that could equal the Black Monday event of August 5 if it continues.&nbsp;Total capitalization has crashed a little over 6% as around $100 billion exited the space over the past 24 hours. Nearly double that was lost during the Aug. 5 crash, however.&nbsp;The metric is currently $2.07 trillion, its lowest level since Aug. 7.
Bitcoin dumped more than 5% in a fall to $55,746 during the Wednesday morning Asian trading session, its lowest level since the early August crash.&nbsp;The asset had recovered slightly to trade at around $56,700 at the time of writing.
Ethereum was smashed 7% in a fall to just over $2,300 before a minor recovery as it bounced off the bottom.&nbsp;As usual, the altcoins are bleeding out, with losses between 5% and 7% for most of the high-cap assets.
Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reports</a> that, in the past 24 hours, 74,062 traders were liquidated, and the total liquidations came in at $196.4 million, the majority of which were long positions.
<h2 id="slumptember-blues">Slumptember Blues</h2>
September is traditionally a <a href="https://cryptopotato.com/bitcoins-range-bound-stalemate-signals-imminent-big-move-analysts-warn/" data-wpel-link="internal" rel="noopener noreferrer nofollow">bearish month</a> for crypto, with Bitcoin seeing losses for six previous ones with minor gains in just three of them.
Analyst “CrediBULL Crypto” commented that downside targets around the $56,000 level have been hit, which means “we are now ready for that <a href="https://cryptopotato.com/could-this-novel-golden-cross-trigger-an-explosive-bitcoin-bull-run/" data-wpel-link="internal" rel="noopener noreferrer nofollow">relief rally</a> sooner rather than later.”
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 Didn't get that move up first unfortunately but we have now hit my downside target so hopefully this just means we are now ready for that relief rally sooner rather than later.
 Nice wipe on OI here but no immediate signs of buyers stepping in just yet.
 Let's see how things… <a href="https://t.co/L3nS2jWdS6" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/L3nS2jWdS6</a> <a href="https://t.co/pkXeX53qCy" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/pkXeX53qCy</a>
 — CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1831137098067263715?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 4, 2024</a>
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The post <a href="https://cryptopotato.com/crypto-markets-dump-6-magnificent-7-shed-550b-as-slumptember-begins/" rel="noopener noreferrer nofollow">Crypto Markets Dump 6%, Magnificent 7 Shed $550B, as ‘Slumptember’ Begins&nbsp;</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Crypto Markets Dump 6%, Magnificent 7 Shed $550B, as ‘Slumptember’ Begins

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