According to Odaily Planet Daily, the sharp drop in the share prices of the "Big Seven" in the U.S. stock market may bring greater downward pressure on the price of Bitcoin. The "Big Seven" in the U.S. stock market is an alias for a number of high-performing technology stocks such as Nvidia and Microsoft. In regular trading on August 5, the cumulative market value of the stock evaporated by more than $650 billion.

Crypto industry insiders believe that another drop in top tech stocks could lead to a drop in Bitcoin prices, and the correlation between stock market performance and cryptocurrency value is well documented. As major tech stocks fall, investor sentiment often turns to alternative assets, including Bitcoin.