The cryptocurrency market is once again collapsing today following a significant climb over the past week. Over 2% less expensive than it was 24 hours ago, Bitcoin is now worth $20,309. As a result of Amazon's disappointing earnings report, the cryptocurrency market is collapsing. As a result, shares of Amazon have decreased by 13%. They dropped as much as 21% after drastically underestimating their sales forecast for the fourth quarter.
Market is currently collapsing. After Meta, Amazon's earnings dropped 20% short of expectations.
The cryptocurrency market is once again collapsing today following a significant climb over the past week. Over 2% less expensive than it was 24 hours ago, Bitcoin is now worth $20,309. As a result of Amazon's disappointing earnings report, the cryptocurrency market is collapsing. As a result, shares of Amazon have decreased by 13%. They dropped as much as 21% after drastically underestimating their sales forecast for the fourth quarter.
Due to the negative effects of the tech stock fall, the market for cryptocurrency altcoins is also collapsing. Cardano is currently trading at $0.3837, down more than 5% over the last day. Ethereum is in danger of dropping below the $1.5K threshold after declining by more than 3%.
Why Is Crypto Today's Crashing?
As the macroeconomic situation starts to deteriorate once more, the cryptocurrency market is collapsing. The US economy, according to US Vice President Joe Biden, is robust and resilient. The most recent GDP statistics confirmed Biden's position as well. The actual US GDP growth rate was 2.6%, which was higher than the predicted 2.4%.
Tech firms, however, present a different view of the economy. Meta just experienced a 20% decline after the earnings release was off target. Likewise, Amazon's data indicated weak performance. According to Amazon, sales will only increase by 2% to 8%. Amazon's performance and stock price have been destroyed by the economic uncertainties of inflation and recession.
Experts predict that this could be the worst fiscal year for internet companies since the collapse of Lehman Brothers. It might be even severe than the economic downturn that occurred during the Covid-19 outbreak. The broader stock market and cryptocurrency assets exhibit a significant association. They exhibit a particularly significant link with tech equities and the NASDAQ's tech-focused index. Therefore, the crypto market is also collapsing as a result of poor IT earnings.
How Will Cryptocurrency Perform Soon?
CEO of Eight Global and well-known crypto influencer Michael van de Poppe thinks the cryptocurrency market will rebound. He predicts that CPI and PCE will decrease as well because the GDP Price Index has decreased by 5% in just one quarter. The Fed may change course as a result of declining inflation, which might support the cryptocurrency market.
How much these coins take corrections after a 2 days rally?
