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More 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 including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla — who 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 and 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 were less severe at 1.35% and 1.9%, 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,” Kobeissi 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. Advertisement Claim your XGo ID and do crypto on/off-ramp, effortlessly. Ready, set, XGo! Ad On the other hand, the cryptocurrency market has been trending upwards amid optimism over possible spot Bitcoin ETF 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), Binance Coin (BNB) and XRP tickers down $0.55 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 face of tough macroeconomic conditions. When the United States real gross domestic product 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 Oct. 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.

‘Magnificent seven’ tech stocks tumble a whopping $280B as crypto surges

Spenser Reed - 0
More than $280 billion has been wiped from the “magnificent seven” tech stocks following the release of several earnings reports on Oct. 25, triggering...

Will Bitcoin Replace Gold? Bloomberg Analyst Expresses His Views

Vincent Parks - 0
Bloomberg's Senior Commodity Strategist Mike McGlone recently shared his views on the evolving relationship between Bitcoin (BTC) and gold. The analyst suggests that BTC may...

Bitcoin Skyrockets: Potential ETFs and Fresh Investment Channels Stir the Market...

Vincent Parks - 0
Bitcoin soars, hitting its highest in 18 months at nearly $35,000. Optimism grows around the potential introduction of bitcoin exchange-traded funds (ETFs). SEC reevaluates...
Bitcoin’s BTC tickers down $34,131 price will increase 74.1% in the first year after spot Bitcoin exchange-traded funds (ETFs) are launched in the United States, according to estimates from crypto investment firm Galaxy Digital.

Galaxy predicts 74% Bitcoin price increase first year after ETF launch

Spenser Reed - 0
Currently, a 74% increase takes Bitcoin to over $59,000 and that doesn’t factor in “second-order effects,” says Galaxy Digital. Bitcoin’s price will increase 74.1% in the...
Bitcoin BTC tickers down $34,152 market sentiment has returned to levels not seen since its price reached $69,000 in mid-November 2021, according to the Crypto Fear & Greed Index. The index is now at 72 out of a total possible score of 100, placing it within the “greed” ranking — a six-point increase from Oct. 24 and a 16-point bounce from its 50-point “neutral” rank on Oct. 18. The strengthening market sentiment follows a wave of excitement that BlackRock’s spot Bitcoin exchange-traded fund (ETF) could be inching toward approval by the United States Securities and Exchange Commission. On Oct. 24, Bitcoin staged its largest single-day rally in over a year, recording a 14% daily gain as its price briefly moved above the $35,000 mark. Fear & Greed Index score. Source: Alternative.me The index gathers and weighs data from six market key performance indicators — volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%) Bitcoin’s dominance (10%) and trends (10%) — to score market sentiment each day. Advertisement Stay safe in Web3. Learn more about Web3 Antivirus → Ad Nov. 14, 2021, was the last time the index reached a score of 72, just four days after BTC notched its all-time high of $69,044 on Nov. 10, 2021, according to CoinGecko data. Related: BlackRock’s spot Bitcoin ETF now listed on Nasdaq trade clearing firm — Bloomberg analyst The index recorded its lowest-ever score of 7 on June 16, 2022, after the collapse of Do Kwon’s Terra Money ecosystem. Fear & Greed Index scores since Feb. 2018. Source: Alternative.me The fallout from the Terra collapse triggered a cascade of price-dampening effects which later claimed hedge fund Three Arrows Capital and crypto lender Voyager Digital as casualties, among others. Following the wave of excitement for spot ETFs, crypto investment firm Galaxy Digital has predicted that the price of Bitcoin could increase by more than 74% in the first year following a successful approval.

Crypto market sentiment at highest point since BTC’s $69K all-time high

Spenser Reed - 0
The Crypto Fear and Greed Index has returned to levels not seen since the peak crypto market rally of November 2021. Bitcoin market sentiment has returned...

BlackRock’s iShares Bitcoin ETF mysteriously disappears — then reappears — on...

Nelson Newberry - 0
BlackRock’s Bitcoin ETF listing staged a sudden reappearance on the DTCC’s website after disappearing for a few hours. The ticker for BlackRock's spot Bitcoin exchange-traded...

Bitcoin price surge drives BTC-related stocks to new multiweek highs

Nelson Newberry - 0
MicroStrategy — the public company holding the most Bitcoin — saw unrealized gains on its BTC investment reach near the $1 billion mark as...
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