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Tech stocks plummet $280B while crypto skyrockets

Tech stocks plummet $280B while crypto skyrockets

Google’s parent company, Alphabet, experienced a 9.5% drop in its share price, resulting in a $180 billion market cap loss.

– The “magnificent seven” tech stocks, including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla, collectively lost over $280 billion in market value.

– This decline has raised concerns about a potential tech recession.

– Amazon, Nvidia, and Meta saw their share prices fall by 5.5%, 4.3%, and 4.2% respectively.

– Apple and Tesla experienced smaller declines of 1.35% and 1.9% respectively.

– Microsoft was the only company among the seven to see its share price rise by 3.1%.

– The widespread tech selloff has led to a five-month low for the S&P 500.

– Google search trends indicate a significant increase in searches related to a “stock market crash.”

– In contrast, the cryptocurrency market has been trending upward, with a 16.3% increase in market cap to $1.3 trillion.

– Bitcoin, Ether, BNB, and XRP have seen notable gains over the past week.

– While Bitcoin may decouple from tech stocks and the S&P 500, it still exhibits characteristics of a “tech stock” due to its volatility.

– Bitcoin can serve as a hedge against the U.S. dollar and has shown a negative correlation with it.

– Recent investor movements suggest a potential “flight to safety” towards Bitcoin amid declining banking stocks.

Summary:

– Google’s parent company, Alphabet, experienced a significant drop in its share price, resulting in a $180 billion market cap loss.

– The “magnificent seven” tech stocks collectively lost over $280 billion in market value.

– Concerns about a tech recession have been raised.

– The cryptocurrency market has been trending upward, with a 16.3% increase in market cap.

– Bitcoin may decouple from tech stocks and serve as a hedge against the U.S. dollar.

– Recent investor movements suggest a potential “flight to safety” towards Bitcoin.

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