"Fed Megaphone" - Wall Street Journal journalist warns of a three-rate hike by the Fed, causing a stock market plunge into a bear market and adding to the woes of the cryptocurrency market.

The market's widely recognized "Fed megaphone," Wall Street Journal reporter Nick Timiraos, released a news article titled "Federal Reserve may consider a 0.75% rate hike this week" at 3 a.m. Taipei time, causing further turmoil in the US stock market, leading to a collective downturn. Cryptocurrencies followed suit as Bitcoin led the decline, with prices plummeting. Bitcoin has dropped below $21,000, while Ethereum is nearing the $1,100 mark, continuing its downward trend.

All four major indices experienced a bloodbath, with the S&P plummeting 151.23 points, or 3.88%, to close at 3,749.63 points, officially entering a bear market. The Dow Jones tumbled 876 points, or 2.79%, to close at 30,516.74 points, while the Nasdaq dropped 530.8 points, or 4.68%, to close at 10,809.23 points. The Russell 2000 index also plunged by 5.61%, or 159.0 points, to close at 2,673.0 points.

Last week, the U.S. announced that May's CPI data unexpectedly hit a new 40-year high, leading to hawkish stance on aggressive interest rate hikes by the Federal Reserve and concerns of an economic recession permeating Wall Street. The VIX surged on the 13th, with energy stocks leading the decline at the opening of the stock market and technology stocks taking a heavy hit.

Nick Timiraos reported, "A series of unsettling inflation reports in recent days could lead Federal Reserve officials to consider a larger-than-expected 0.75 percentage point rate hike at this week's meeting." Although Nick Timiraos did not cite any sources, the report deepened panic and accelerated the sell-off in the U.S. stock market.

Cryptocurrencies were also heavily affected. MicroStrategy, a company that spent nearly $4 billion and holds 129,218 bitcoins, saw its stock price leading the decline among cryptocurrency concept stocks, dropping by as much as 25.18%. It has fallen by over 72% since the beginning of this year, closing at $152.15 per share.

Tesla, the second-largest holder of bitcoins, purchased 43,200 bitcoins at a cost of $1.5 billion, representing 0.206% of the total bitcoin supply. The current value is now only $1 billion.