‘I told you so’: Trump slams Biden, Harris over global stock, crypto crash

According to CNBC, the CBOE Volatility Index (VIX) or Wall Street's "fear-gauge" has spiked to the highest it has been since the onset of the COVID-19 pandemic in April 2020. VIX is a key marker to the volatility of the market, and broke 50 on Monday morning. Since the pandemic, the VIX has been lower, trading below 20. The DOW Jones futures market tumbled over 1,000 points, according to the outlet.

Trump posted on Truth Social, "Stock markets crashing. I told you so!!! Kamala doesn't have a clue. Biden is sound asleep. All caused by inept US leadership!" Before the Biden-Harris administration was voted in in the 2020 election cycle, Trump told reporters that the economy would crash if Biden was voted in as president.

Bitcoin dropped below $50,000 for the first time since February and was trading in close to $70,000 about a week ago, according to CNBC. Robinhood's 24-hour trading service also shut down amidst the chaos in the markets.

The chaos follows a July jobs report showing the highest unemployment level under the Biden-Harris administration since Oct. 2021. The Fed also announced that it would not be cutting the interest rates with Jerome Powell saying that the central banks need more data to show that the inflation that has dogged the US economy is dropping.