Fun

News Feed - 2023-10-26 01:10:17

Brayden Lindrea4 hours ago‘Magnificent seven’ tech stocks tumble a whopping $280B as crypto surgesGoogle’s parent company, Alphabet, was the worst performer on the day, falling 9.5% in a massive $180-billion wipeout.2691 Total views20 Total sharesListen to article 0:00NewsJoin us on social networksMore than $280 billion has been wiped from the “magnificent seven” tech stocks following the release of several earnings reports on Oct. 25, triggering fears of a looming tech recession.


The so-called “magnificent seven” refers to the top seven blue-chip tech firms — Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla — which combine to make up a quarter of the value of the S&P 500 index.


Google parent company Alphabet saw its share price fall over 9%, wiping $180 billion from its market cap. It was noted as Google’s worst-performing day since the COVID-19 pandemic hit in March 2020.Google’s (Alphabet Inc Class A) share price over the last five days. Source: Google Finance


The share prices of Amazon, Nvidia and Meta fell 5.5%, 4.3% and 4.2%, respectively, according to Y Charts.


Apple and Tesla’s fall in share prices was less severe, at 1.35% and 1.9%, respectively, while Microsoft was the only one of the seven to buck the trend, with its share price rising 3.1% after reporting better-than-expected growth in its Azure business.


“This is the most widespread tech selloff in months which has resulted in a 5-month low for the S&P 500,” The Kobeissi Letter said.


“This is what happens when the few stocks that are holding up the entire market break,” the firm said, adding that tech stock investors may be beginning to price-in a recession.


“It seems like buyers are becoming more hesitant as headwinds accumulate,” Kobeissi noted in a follow-up response.


Fears of a “stock market crash” have also been reflected in Google search trends, with the three-word term up 233% over the last week, noted Andrew Lokenauth, a reporter for TheFinanceNewsletter.com.Google searches for Stock market crash up 233% in past week.

If the stock market crashed 10%, what stocks are you investing in? pic.twitter.com/TQz8tVyL5U— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) October 24, 2023


Meanwhile, the cryptocurrency market has been trending upward amid optimism over possible spot Bitcoin exchange-trade fund approvals in the United States, with market cap increasing 16.3% to $1.3 trillion over the last week, according to CoinGecko.


Bitcoin (BTC), Ether (ETH), BNB (BNB) and XRP (XRP), in particular, have increased 23.3%, 16.7%, 8% and 15.2%, respectively, over the last seven days.


Related:Google to protect users in AI copyright accusations


However, the crypto market hasn’t proven to be bulletproof in the face of tough macroeconomic conditions.


When the real gross domestic product of the United States decreased over the first two quarters of 2022, the cryptocurrency market cap fell 61.7% from $2.37 trillion to $907 billion, according to CoinGecko.Change in the cryptocurrency market cap over the last 60 days. Source: CoinGecko


While analysts speculate whether Bitcoin will decouple further from tech stocks and the S&P 500, past research from the Multidisciplinary Digital Publishing Institute suggests Bitcoin still tends to trade like a “tech stock” over the long term due to its extreme volatility.


It can, however, serve as a viable hedge against the U.S. dollar, which it’s negatively correlated to, the research firm deduced from an October 2022 report.


Since Sept. 1, Bitcoin has decoupled from the Nasdaq 100, increasing 34%, while the Nasdaq has fallen 8.6% over the same time frame.


Meanwhile, the recent investor movements have some observers hinting that the movement could be seen as a “flight to safety” toward Bitcoin, particularly in light of several banking stocks plummeting lately.It’s almost like I predicted that #crypto would decouple from stocks. And here we are with tech #stocks sinking and #bitcoin rallying. https://t.co/K1R3OIiOgV— Bryan Ross (@bryanrosswins) October 25, 2023


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Joe Lubin — The truth about ETH founders split and ‘Crypto Google’# Bitcoin# Apple# Google# Altcoin# NVidia# Amazon# Business# Technology# Adoption# Microsoft# Stocks# TeslaAdd reactionAdd reactionRead moreBlockchain companies are creating AI chatbots to help developersUK’s FinProm a welcome change, but challenge persists — Transak compliance headSimplifying Web3 adoption with solutions tailored for businesses and enterprises

News Feed

NFT Sales Soar: January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase
NFT Sales Soar: January 2023 Reaches Nearly $1 Billion in 30 Days With 41% Increase Non-fungible token (NFT) sales increased 41.96% from the previous month, according to data recor
Ethereum Spot Premium Signals Strength – $2,800 Resistance In Focus
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Devs Debate Using USDC for Collateral After DAI Stablecoin Faces Liquidity Issues
Devs Debate Using USDC for Collateral After DAI Stablecoin Faces Liquidity Issues Since March 12, the Makerdao community has been struggling with the stablecoin DAI which has bee
Wendy McElroy: The Narrative and Philosophy of Cryptocurrency
Wendy McElroy: The Narrative and Philosophy of Cryptocurrency “The central banks of Britain, Japan, the euro zone, Sweden and Switzerland have grouped up to assess potentia
Report: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply
Report: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off
Final Russian Nuclear Scientist Sentenced Over Illicit Crypto Mining
A Russian nuclear lab scientist will serve three years in a prison colony for illegally using government equipment to mine bitcoin. Andrey Rybkin of the All-Russian Scientific Resea
Effective Altruism: Former FTX CEO’s Alleged $40M Penthouse Listed for Sale, Report Says Firm Spent $74M on Real Estate
Effective Altruism: Former FTX CEO"s Alleged $40M Penthouse Listed for Sale, Report Says Firm Spent $74M on Real Estate In light of a recently published real estate listing, former
Bitcoin Miners Take in Bear Rally Profits by Selling More Than 6,000 BTC Since August 1
Bitcoin Miners Take in Bear Rally Profits by Selling More Than 6,000 BTC Since August 1 Bitcoin’s value against the U.S. dollar lost 7.3% during the last 24 hours after more
Helen Partz12 hours agoHydropowered crypto mining gets nod from Kyrgyz president: ReportKyrgyz President Sadyr Japarov promised to distribute money from crypto mining at the hydropower plant to “ordinary people.”3023
NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing
NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing Just recently, during Microstrategy’s “Bitcoin for Corporations&r
Bitcoin ‘deep value is over’ says analyst as BTC price nears $70K line
William Suberg13 hours agoBitcoin ‘deep value is over’ says analyst as BTC price nears $70K lineBitcoin at just under $70,000 is “fairly priced” in terms of energy expenditure, the latest analysis of on-chain BTC
Bitcoin Won’t Hit $400,000 This Cycle, VanEck CEO Reveals Realistic Price Target
Este artículo también está disponible en español. In an interview with Mario Nawfal, Jan van Eck, CEO of $118 billion global asset manager VanEck, offered an analysis of