CryptoMediaClub
Wednesday, July 2, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Altcoins

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

26.10.2023
A A
0
132
VIEWS
ShareShare

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.

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

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 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.

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

Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’

Share10Tweet6ShareSharePin2

Related Posts

Solana gains 80% in a month as Firedancer goes live on testnet
Altcoins

Solana gains 80% in a month as Firedancer goes live on testnet

02.11.2023
0

Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the...

Read moreDetails
Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

30.10.2023
Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish

Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish

30.10.2023
Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

27.10.2023
FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?

FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?

27.10.2023
Load More
Next Post
Bitcoin dominance hits 54% — Highest in 2.5 years as BTC halving approaches

Bitcoin dominance hits 54% — Highest in 2.5 years as BTC halving approaches

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Forecasts, Events, iGaming Industry, and Speculation on CBDC Future in U.S.

Forecasts, Events, iGaming Industry, and Speculation on CBDC Future in U.S.

1 year ago
DBS Tests DLT Solution for Government Grant Disbursements

DBS Tests DLT Solution for Government Grant Disbursements

10 months ago
Median Web3 developer salary stands at $128K in 2023

Median Web3 developer salary stands at $128K in 2023

2 years ago
FTX Sets January 3, 2025 as Date for Chapter 11 Reorganization Plan

FTX Sets January 3, 2025 as Date for Chapter 11 Reorganization Plan

7 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Bitcoin powerhouse Strategy nears S&P 500 inclusion as net income soars

WzrdBot Launches Next-Generation Automated Trading Platform to Help Crypto Traders Secure Consistent Profits in Unpredictable Markets

Why Plugging OpenAI into DeFi Isn’t Enough

Connecticut Goes Anti-Crypto as Governor Lamont Signs Bill Banning State Digital Asset Investments

Chainlink Launches Universal Solution for On-Chain Compliance Automation

American Express System Upgrade Prompts Ripple Adoption Speculation — XRP to Win Big?

Trending

Bitcoin dips to $105k on Q3 open despite record monthly close
Analysis

Bitcoin dips to $105k on Q3 open despite record monthly close

02.07.2025
0

The crypto market saw significant declines on July 1 despite Bitcoin’s record monthly close the day prior...

Ethereum Foundation Dumps $32M as Fidelity Buys $25.7M – ETH $2200 Crash or $2800 Breakout Incoming?

Ethereum Foundation Dumps $32M as Fidelity Buys $25.7M – ETH $2200 Crash or $2800 Breakout Incoming?

01.07.2025
Bitcoin’s Momentum Challenge: Why the Epic BTC Rally Faces Profit-Taking Pressures

Bitcoin’s Momentum Challenge: Why the Epic BTC Rally Faces Profit-Taking Pressures

01.07.2025
Bitcoin powerhouse Strategy nears S&P 500 inclusion as net income soars

Bitcoin powerhouse Strategy nears S&P 500 inclusion as net income soars

01.07.2025
WzrdBot Launches Next-Generation Automated Trading Platform to Help Crypto Traders Secure Consistent Profits in Unpredictable Markets

WzrdBot Launches Next-Generation Automated Trading Platform to Help Crypto Traders Secure Consistent Profits in Unpredictable Markets

01.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz