On the night of November 5, #隐私代币板块全线上扬 , a "domino" style chain collapse took place in the global Capital Market.

The cryptocurrency market has taken a hit first - the total market value evaporated by over 160 billion dollars within 24 hours, directly dropping to 3.455 trillion dollars. Bitcoin broke support in the early morning, once falling below the 100,000 dollar mark, while Ethereum almost touched the psychological bottom line of 3,000 dollars. This wave of sell-off came quickly and fiercely.

The US stock market hasn't fared much better. By the close on Tuesday, the Dow dropped 0.53%, the S&P 500 fell 1.17%, and the Nasdaq plummeted 2%. The tech sector was hit hard: Tesla fell 5%, Nvidia nearly dropped 4%, and even Strategy, which has long been regarded as a "Bitcoin proxy stock", plunged over 6%. After-hours futures were even worse, with European and US stock index futures all diving—Europe's Stoxx 50 fell over 1%, Germany's DAX dropped 1%, and the UK's FTSE also couldn't hold up.

Behind this round of plunge, three swords hang over the market:

First of all, the AI bubble theory has begun to ferment. The artificial intelligence track that was previously hyped to the sky is now facing questions about whether its valuation is too outrageous.

In the second instance, expectations for a rate cut by the Federal Reserve in December have started to loosen. ADP data shows that only 22,000 jobs were added in October (down from a decrease of 32,000 in September), and the conflicting signals from economic data have left the market puzzled.

Thirdly, the U.S. Supreme Court has begun to review the boundaries of Trump's power to impose tariffs, which is itself a ticking time bomb of uncertainty.

After the Asian market opened on Wednesday, panic sentiment completely spread. The South Korean stock market led the decline by more than 6%, with the KOSPI index directly falling below the 4000-point mark — a cumulative drop of over 7% in two days, marking the worst record since August 2024. The Korea Exchange even triggered a circuit breaker, suspending KOSPI 200 futures trading. The Nikkei 225 index fell below the 50,000-point mark again after nearly two weeks, dropping 3.7% in a single day. The Taiwan Weighted Index opened down 1.67%, the Hang Seng Index fell 0.97%, and the Hang Seng Tech Index dropped 1.75%. All three major A-share indices opened lower, with the ChiNext Index gapping down by 2.08%.

The biggest consensus in the market now is "there is no consensus" - concerns over overvaluation are eroding investor confidence.