While many poke fun at the performance of crypto in 2018, global macro markets have begun to falter. Since reaching a year-to-date high in early-September, the Nasdaq, the world’s second-largest stock exchange, has seen its index collapse by 22%. Nasdaq’s index, which houses the publicly-traded stocks of tech powerhouses, namely Alphabet (Google), Amazon, and Apple, has fallen so far that it is now in “bear market” or “recession” territory.
Nasdaq isn’t the only market suffering, far from, in fact. The SPDR Homebuilders ETF, which holds notable positions in development groups, construction giants, and appliance providers, has also stumbled, is down 30% year-to-date. Prospects are arguably even worse overseas. The Shanghai Stock Exchange Composite is down 29% from its year-to-date high, with other notable indices posting similar losses.