Bitcoin holds steady as Google, Meta lead tech stock rout after missing Q3 targets Bitcoin holds steady as Google, Meta lead tech stock rout after missing Q3 targets
Bitcoin has surged to a six-week high over $20,000, as Meta, Amazon, Google, and Microsoft stocks records negative returns.
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Updated: Oct. 27, 2022 at 1:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin is holding above the psychological $20,000 level, despite major tech companies like Google and Meta missing their latest earnings targets — indicating a decoupling of the flagship crypto from tech stocks.
In a week when big tech companies, including Google and Meta, missed their earnings target,
On Oct. 25, Google missed its earnings target after its advertising revenue fell to $54.4 billion. Chief Business Officer Philip Schindler blamed the low quarterly performance on a slowdown in crypto ads due to the prevailing bear market.
Meanwhile, on Oct. 26, social media giant Meta announced that its Metaverse division Reality Labs lost over $3.7 billion in the third quarter — recording a total loss of $9.4 billion year-to-date. Following the missed earnings report, Meta’s stock price fell 20% to $105.
However, as Meta’s stocks were losing value, Bitcoin surged to a six-week high to trade at $20,607.
Trading View data revealed that Bitcoin’s price has increased significantly over the last seven days, while top tech stocks like Amazon, Google, and Microsoft have recorded negative returns.
From the chart, Bitcoin (BTC) surged by 7.7%, while Amazon (AMZN) fell by 2.7%. Microsoft (MSFT) and Google (GOOGL) also declined by 4.3% and 6%, respectively.
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Meta (formerly known as Facebook, Inc.) is an American online social media and social networking service company based in Menlo Park, California.