Shares of major crypto technology companies fell on Wednesday and Thursday following disappointing earnings reports.
Crypto majors have fallen in the last 24 hours as a result of a drop in US technology stocks after prominent companies reported lower-than-expected profits. Bitcoin has previously tracked the performance of technology equities.
The dip in equities came despite an unexpectedly robust GDP report in the United States, with economic growth growing 2.6% in the third quarter versus projections for 2.4% growth, as reported. The tech-heavy Nasdaq 100 lost 1.63% on Thursday, while the S&P 500 fell 0.61%.
Dogecoin (DOGE) recovered after shedding 7.7% in 24 hours following a two-day gain as Elon Musk neared his purchase of Twitter (TWTR). Musk has been a strong promoter of DOGE, which has become a proxy for public opinion of him. The token’s price has been regularly influenced by the entrepreneur’s statements about it. As of 11:00 UTC, the token had gained 5% in the previous 24 hours.
Cardano’s ADA-led crypto big falls, plunging over 6%. Bitcoin (BTC) declined 2%, while ether (ETH) and Solana (SOL) fell 3%. BNB Chain’s BNB token suffered nominal losses when Binance, a crypto exchange that issued BNB and supports development on the BNB Chain, disclosed its equity investment in Musk’s Twitter.
Crypto-tracked futures saw only $97 million in liquidations, a lower-than-usual figure that showed the drops were primarily due to spot volatility.
On Wednesday, U.S. markets were pulled down by disappointing third-quarter earnings from Microsoft (MSFT) and Google parent Alphabet (GOOGL). Revenue-generating units have slowed, according to the corporations. Amazon (AMZN) shares plunged 13% on Thursday as the company warned of a slower-than-expected Christmas season due to cautious customer spending. Amazon’s operating income fell to $2.5 billion in the third quarter, down from $4.9 billion in the same period in 2021.
According to sources, Alphabet, Apple (AAPL), Amazon, Meta, and Microsoft stock has plunged by roughly $850 billion since Monday.
