Crypto stocks battered as Nasdaq enters correction in $17 trillion market rout

What: Crypto stocks plummeted as the Nasdaq entered a correction, wiping out over **$1 trillion** in market value.
Why: The correction was triggered by a surge in interest rates and a decline in tech stocks, which have a significant impact on the crypto market.
Signal: The Nasdaq's correction is a strong signal that investors are becoming increasingly risk-averse, leading to a decline in crypto stocks.
Target: Crypto stocks are now targeting a **$500 billion** market capitalization, down from a peak of over **$2 trillion** in 2021.
Risk: The risk of a further market rout is high, with many experts warning of a potential **20%** decline in crypto stocks over the next quarter.