– Over $280 billion has been wiped from the “magnificent seven” tech stocks.
– The “magnificent seven” refers to Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla.
– Google parent company Alphabet saw its share price fall over 9%, wiping $180 billion from its market cap. It was Google’s worst-performing day since the COVID-19 pandemic hit.
– Amazon, Nvidia, and Meta also saw their share prices fall by 5.5%, 4.3%, and 4.2% respectively.
– Apple and Tesla’s fall in share prices were less severe at 1.35% and 1.9%, while Microsoft’s share price rose 3.1%.
– The tech selloff has resulted in a 5-month low for the S&P 500.
– Fears of a stock market crash have been reflected in Google search trends, with the term “stock market crash” seeing a 233% increase in searches over the past week.
– The cryptocurrency market has been trending upwards, with a 16.3% increase in market cap to $1.3 trillion.
– Bitcoin, Ether, Binance Coin, and XRP have seen significant increases in price in the last seven days.
– The crypto market hasn’t proven to be bulletproof in the face of tough macroeconomic conditions in the past.
– Bitcoin still tends to trade like a “tech stock” over the long term, but it can serve as a viable hedge against the U.S. dollar.
– Bitcoin has decoupled from the NASDAQ 100, increasing 34% while the NASDAQ has fallen 8.6%.
– Recent investor movements suggest a “flight to safety” toward Bitcoin.
– The movement could be seen as a “flight to safety” toward Bitcoin.
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.
However, the crypto market hasn’t proven to be bulletproof in the 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.
While analysts speculate whether Bitcoin will decouple further from tech stocks and the S&P 500, past research 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.
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.
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