Reasons for yesterday's plunge:

1: Macroeconomic recession signals, U.S. stocks fell sharply last week, the ISM manufacturing data released on August 1 was only 46.8%, lower than market expectations, and U.S. stocks began to fall sharply. Because the index reflects the status of U.S. factory activity, it is generally regarded as a signal of economic recession.

2: Last Friday, the U.S. non-farm payrolls data was unexpectedly lower than expected, further sparking a wave of market concerns. The unemployment rate soared to 4.3%, activating the Sam rule that foreshadows an economic recession.

3: Over the weekend, the U.S. stock market was once again hit by a series of "bad news". Warren Buffett's Berkshire Hathaway sold nearly half of its Apple shares in the second quarter, further exacerbating market pressure.

4: Intel announced the largest layoffs in the company's history and will stop paying dividends starting in Q4 2024, causing its stock price to plummet by nearly 20% after hours. In addition, Nvidia's delayed release of its new artificial intelligence chip due to design defects has affected many U.S. stock companies such as Meta, Google and Microsoft.

5: The Japanese stock market fell by more than 12% in three days, triggering the circuit breaker mechanism. The stock markets in South Korea, Australia and Singapore fell sharply.

6: After the assassination of the leader of Hamas, the conflict continued to spread. Israel faces the threat of retaliation from multiple parties

7: On August 5, the United States warned the Group of Seven that Iran may attack Israel within 24 hours

8: When the CFTC investigated Jump Crypto, CEO Kanav Kariya announced his resignation today on his social platform, without specifying the reason for his resignation. First, Jump may face regulatory pressure, especially considering that the U.S. Commodity Futures Trading Commission (CFTC) recently launched an investigation into it; second, Jump may have foreseen greater market turmoil and is taking defensive measures in advance, such as the stock sell-off in the past two days; third, it may be adjusting its overall investment strategy or holding put options.

9: The Bank of Japan raised interest rates, and the yen carry trade was hindered

10: Trump's approval rating fell, and the uncertainty of the U.S. election was high

11: The Mentougou sell-off continued, and multiple forces brought selling pressure

12: Large-scale liquidation, frequent Ethereum liquidation events