The US government's sudden decision to revoke Iran's oil export license sent shockwaves through global markets, causing a massive $1 trillion selloff in just 30 minutes. The move wiped out trillions of dollars from major indices like Nasdaq and the S&P 500, as well as precious metals like gold and silver.
Gold took the biggest hit, plummeting 1.33% to shed a staggering $372 billion in market cap. Silver followed closely behind, dropping 2.67% for an $85 billion loss. The Nasdaq index plunged 1.87%, erasing $486 billion, while the S&P 500 slipped 0.46% and lost $313 billion.
The crypto market also felt the brunt of the crisis, with Bitcoin declining by a significant amount amidst the broader market crash.