With Bitcoin skyrocketing and the bull market roaring, the U.S. stock market next door feels a bit like winter ahead of schedule: After releasing multiple financial reports on October 25, the "big seven" technology stocks evaporated more than $280 billion, triggering people's concerns about an imminent technology recession. Worry.
The so-called "Big Seven" refers to the seven blue-chip technology companies including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla, which together account for a quarter of the value of the S&P 500 Index.
Shares of Google parent Alphabet fell more than 9%, wiping $180 billion from its market value and marking what was believed to be Google's worst day since the COVID-19 pandemic began in March 2020. Shares of Amazon, Nvidia and Meta fell 5.5%, 4.3% and 4.2% respectively, according to Y Charts.
Shares of Apple and Tesla fell slightly, down 1.35% and 1.9% respectively, while Microsoft was the only one among the seven companies to buck the trend, rising 3.1% after reporting better-than-expected growth in its Azure business. In contrast to U.S. stocks, the cryptocurrency market has been on an upward trend, with market capitalization growing 16.3% last week to $1.3 trillion, due to optimism about the possible approval of a spot Bitcoin ETF in the United States, according to CoinGecko. Bitcoin, Ethereum, Binance Coin, and Ripple have gained 23.3%, 16.7%, 8%, and 15.2% respectively in the past seven days. However, what is worrying is that the macro environment in the United States has not improved. According to CoinGecko data, when the real GDP of the United States fell in the first two quarters of 2022, the cryptocurrency market value fell by 61.7%, from 23,700 billion fell to US$907 billion. , Therefore, the current surge in the encryption market is more like technology stock investors viewing Bitcoin as a new path for "safe escape" of funds. #BTC
The so-called "Big Seven" refers to the seven blue-chip technology companies including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla, which together account for a quarter of the value of the S&P 500 Index.
Shares of Google parent Alphabet fell more than 9%, wiping $180 billion from its market value and marking what was believed to be Google's worst day since the COVID-19 pandemic began in March 2020. Shares of Amazon, Nvidia and Meta fell 5.5%, 4.3% and 4.2% respectively, according to Y Charts.
Shares of Apple and Tesla fell slightly, down 1.35% and 1.9% respectively, while Microsoft was the only one among the seven companies to buck the trend, rising 3.1% after reporting better-than-expected growth in its Azure business. In contrast to U.S. stocks, the cryptocurrency market has been on an upward trend, with market capitalization growing 16.3% last week to $1.3 trillion, due to optimism about the possible approval of a spot Bitcoin ETF in the United States, according to CoinGecko. Bitcoin, Ethereum, Binance Coin, and Ripple have gained 23.3%, 16.7%, 8%, and 15.2% respectively in the past seven days. However, what is worrying is that the macro environment in the United States has not improved. According to CoinGecko data, when the real GDP of the United States fell in the first two quarters of 2022, the cryptocurrency market value fell by 61.7%, from 23,700 billion fell to US$907 billion. , Therefore, the current surge in the encryption market is more like technology stock investors viewing Bitcoin as a new path for "safe escape" of funds. #BTC