Is a Tech Recession Looming After Alphabet's $180 Billion Wipeout? 😰

On October 25, the tech industry experienced a significant #downturn , with Google's parent company, Alphabet, leading the decline, dropping by 9.5%, resulting in a $180 billion loss in market value.

This was the worst day for Google's stock since the COVID-19 pandemic in 2020. The overall tech sector, often referred to as the "magnificent seven," which includes Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla, collectively makes up a quarter of the S&P 500 index.

Amazon, Nvidia, and Meta saw their share prices fall by 5.5%, 4.3%, and 4.2% respectively. Apple and Tesla had more modest decreases at 1.35% and 1.9%, while Microsoft was the exception, with its stock price rising by 3.1% due to strong performance in its Azure business. This broad tech selloff led to a five-month low for the #S&P 500, fueling concerns of a tech recession. Google search trends reflected a 233% increase in searches for "stock market crash."

In contrast, the cryptocurrency market showed resilience, with optimism surrounding potential Bitcoin exchange-traded fund (ETF) approvals in the United States. The cryptocurrency market's total #capitalization increased by 16.3% to reach $1.3 trillion over the past week. Notably, Bitcoin, Ether, BNB, and XRP recorded gains of 23.3%, 16.7%, 8%, and 15.2%, respectively, in the same seven-day period.

#Binance
#crypto2023

#Bitcoin moves above $27k, but will it hold its ground? 
Finally, Bitcoin has surpassed $27,000.
On October 9, the price of bitcoin underwent a price correction that significantly reduced the value of the coin below $27,000. But after a few days, the price of BTC sharply increased. In fact, $BTC has increased by more than 3% in the previous 24 hours alone, according to CoinMarketCap.
At the time this article was written, #BTC had a market #capitalization of approximately $544 billion and was trading at $27,904.55. The good news is that a more than 140% rise in Bitcoin trading volume occurred after the price surge, which is generally regarded as a positive sign.

#XRP is back in the red, becoming the biggest "loser" among the top 100 #cryptocurrencies by market value, despite briefly rising above $0.55 earlier, adding more than $2 billion to its market #capitalization in a single day, and the publication of the contentious papers pertinent to the #Ripple lawsuit.

According to the most recent information gathered by #Finbold on June 14, the price of the XRP coin is specifically registering a loss of 4.52% on its 24-hour chart, adding up to the 4.07% decrease in the last seven days and endangering the 18.10% increase over the past month, as it presently sits at $0.5057.

The price of #Bitcoin has surpassed the $28,000 mark on Monday, October 2nd. Over the past 24 hours, the leading cryptocurrency has gained 3.5%, according to CoinGecko.
At the time of writing, the price is attempting to establish itself above this level. Bitcoin closed September #positively, despite the overall negative trend, with a 3.9% increase in its price.
Following the flagship cryptocurrency, assets from the top 10 by market #capitalization have entered the "green zone." #Solana (SOL) has shown the most noticeable growth, with a 14% increase over the last 24 hours.
The total market capitalization of the cryptocurrency market stands at $1.15 trillion, marking a 2.6% increase. The dominance index of BTC is at 47.4%, while #ETH holds an 18% share.
Some members of the crypto community have noted the breakthrough of a psychological level, with one user suggesting that the next step could be a rise to $31,000.
Earlier, Bitfinex specialists identified signs of a resumption of the bullish trend, citing the behavior of long-term Bitcoin holders as an indicator.
However, experts at QCP Capital have maintained a bearish outlook for digital gold in the fourth quarter. They have set a course target of $22,000 for October, with the scenario being canceled if Bitcoin breaks through $32,000.
In August, BitMEX co-founder Arthur Hayes mentioned the $20,000 level as a potential target, suggesting that the leading cryptocurrency could dip lower before experiencing a new bullish impulse. However, a month later, he pointed to positive prospects for digital gold despite the Federal Reserve's policy.
It's worth noting that Rick Edelman, the founder of Edelman Financial Engines, has predicted that the price of Bitcoin will rise to $150,000 by the summer of 2025.$BTC $ETH $BNB

🎉 Happy Birthday #Ethereum 🎉

Eight years ago the Ethereum Foundation announced the rollout of its network Ethereum and the genesis block of its native currency Ether ($ETH ) was officially mined.
In these years it has grown to become the second-largest crypto asset in existence, boasting a market capitalization of $225 billion and more than 1,900 monthly active developers and it has become the number 1 smart contract platform.
#ETH #capitalization

3 #cryptocurrencies that fell off a cliff in the last month.

The cryptocurrency market has been volatile in recent months, with some projects losing over 30% of their value in one month, for over 1% accumulated daily losses. Here are the three worst-performing projects in the last 30 days among the top 100 digital assets by market #capitalization as of September 7:

1. Gala Games (GALA): -32.57%

2. GMX Protocol (GMX): -32.40%

3. #pepe (PEPE ): -30.39%

#dyor

Almost 90% of $SHIB investors are holding a losing position
In the last 7 days, the cryptocurrency market managed to remain relatively stagnant and sustain its market #capitalization above $1 trillion, which could be seen as a positive sign as the market prepares for the next move. However, not many positive outcomes are in sight for some of the crypto assets, such as Shiba Inu (SHIB).
The number of Shiba Inu’s investors that are holding a losing position has increased in the last 20 days. Going from 82% of SHIB holders in the red, to 88% of addresses “out of the money”.
This is what data retrieved by Fin bold on September 27 from the Into The Block app reveals, while considering the #ShibaInu  token’s price at the time each crypto wallet address received it, in comparison to current prices in the spot market.
According to the app, only 9% of all SHIB investors are holding a profitable position, while 3% acquired their tokens in the same price zone of $0.000007, by the time of publication

#crypto Report: an in-depth analysis of the world of #stablecoins

market #capitalization and trading volume of stablecoins

The stablecoin industry has evolved a great deal since 2017, when the entire market was worth only a few million dollars and was not established.

To date, the market capitalization of this department registers a value of as much as $123.5 billion, with ample prospects for future growth given the ever-increasing use cases that are emerging.

Despite the evolution of the stablecoin world over the past 6 years, there is a slowdown in the trend starting in May 2022.

From that period until now, we have observed a slow retrenchment of the sector, with 17 consecutive months of decreasing market capitalization.

In August, the metric fell 1.28% from July reaching its lowest value since August 2021.

- CoinGecko reports a 0.1% increase in the #total #market #capitalization of #cryptocurrencies

- The increase brought the total market capitalization to $1.22 trillion.

- This growth indicates ongoing interest and investment in cryptocurrencies.

- The small rise has potential implications for overall market sentiment.

- While seemingly minor, this data is significant for understanding the current #crypto market state.

- Stakeholders, investors, and observers can analyze this information for trend assessment and decision-making.

$BTC $ETH $BNB

In the face of growing legal issues for #Binance , the largest #cryptocurrency exchange in the world, #DAI #stablecoin, with a circulation of almost $4.6 billion, has eclipsed #BUSD.

Following the regulatory drama that began earlier this year, the market #capitalization of BUSD has decreased to $4.3 billion.