By Jeff Berwick.
After the 666 point drop on the 33rd day of the year on Friday, which I said likely was a signal that things were going into play, the Dow Jones Industrial Average (DJIA) lost as much as 1,597 points by mid-afternoon on Monday.
The Dow ended up closing down 1,175 points, or 4.6% which was the largest single-day decline for the blue-chip index on a points basis in history.
But, the Dow, like most things, has been inflated higher due to historic Federal Reserve money printing since 2008, so a 1,000+ point drop now with the Dow near 25,000 is nothing like it was even in 2009 when it was under 9,000.
Meanwhile, the cryptocurrencies continued to get routed and have not fallen below $300 billion in market cap after being above $800 billion just one month ago.
Bitcoin is now below $6,500, Ethereum is close to $600 and every other cryptocurrency in the top 50 in market cap was massively in the red again today.
