Crypto markets have experienced a dramatic downturn, with over $240 billion exiting the space in less than 24 hours, mirroring a broader sell-off that has also impacted stocks and commodities. Futures are down by 15% over the past three days, while oil prices have fallen below $60, gold has declined by $180 in just two sessions, and bond prices are surging as investors flee to safety amidst growing uncertainty. Analysts suggest this reflects a widespread fear of recession, with sentiment reaching levels not seen since the 2020 Covid crash. The Kobeissi Letter notes that these declines mirror the dramatic market plunges of March 2020, when the world was plunged into lockdown. This time, however, nearly half a trillion dollars have vanished from the crypto markets alone over the past month and today’s sell-off has seen even more investors abandon crypto for traditional assets.