Last Friday, global financial markets experienced a broad sell-off, wiping out approximately $3 trillion in value across stocks, precious metals, cryptocurrencies, and other asset classes.
Analysts attribute this sudden decline to the latest U.S. labor market report. In particular, the U.S. economy added 172,000 new jobs in May, more than double market expectations. While this strong employment growth signals a healthy economy, it also raises concerns about potential inflationary pressures.
Amid persistently high energy prices, investors believe that the U.S. Federal Reserve may be forced to raise interest rates in the near term to keep inflation under control.
The cryptocurrency market was also hit hard by the volatility, with Bitcoin briefly falling below the $60,000 .
