The global market is experiencing a "circuit breaker" big dump, with doubts about a rate cut in December and the emergence of multiple risks due to AI bubble theories.

On November 5, the crypto market suffered a heavy blow this morning, with a total market capitalization falling by 4.8% in 24 hours to $3.455 trillion. Bitcoin fell below $100,000 early in the morning, while Ether touched nearly $3,000. The US stock market closed on Tuesday with the Dow Jones initially down 0.53%, the S&P 500 index down 1.17%, and the Nasdaq down 2%. Tesla (TSLA.O) fell 5%, Nvidia (NVDA.O) dropped nearly 4%, and Strategy (MSTR.O) fell over 6%. US and European stock index futures also continued to decline. The European Stoxx 50 index futures fell over 1%, the German DAX index futures fell 1%, and the UK FTSE index futures dropped 0.4%. The market is facing multiple risk events recently, with concerns over the artificial intelligence bubble emerging, while doubts about the interest rate cut expectations in December have begun to arise. Institutional analysts pointed out that the US Supreme Court's consideration of Trump's power to impose tariffs is another potential source of market turbulence. ADP expects to add 22,000 jobs in October, compared to a decrease of 32,000 in September. On Wednesday morning, Asian stock markets followed the overnight sell-off in the US stock market, as investors' concerns about overvalued market conditions weakened confidence. The South Korean stock market led the decline with a drop of over 6%, with the KOSPI index falling below the 4,000-point mark, resulting in a two-day cumulative decline of over 7%, marking the worst performance since August 2024. The South Korean stock exchange activated the circuit breaker for the KOSPI index after the KOSPI index futures fell 5%. The Nikkei 225 index fell below 50,000 points for the first time since October 27, dropping 3.7% during the day. The Taiwan Weighted Index opened down 1.67% on Wednesday. The Hong Kong Hang Seng Index opened down 0.97%, and the Hang Seng Tech Index opened down 1.75%. The A-share Shanghai Composite Index opened down 0.95%, the Shenzhen Component Index opened down 1.68%, and the ChiNext Index opened down 2.08%.