Huge tech stock losses, mostly occurring after the Wall Street close, fail to show up in Bitcoin price weakness. 1079 Total views 63 Total shares Listen to article 0:00 Markets News Bitcoin (BTC) is decoupling from big tech as disappointing earnings fail to spark any major BTC price losses.
Economic data for Q3, 2022, saw heavy losses for some tech stocks, but BTC/USD avoided a chain reaction.Bitcoin hodlers shrug off Q3 tech results
The largest cryptocurrency shed around $800 over Oct. 27, or 3.8%, after hitting its highest levels in six weeks.
At the time of writing, Bitcoin was still around $20,200, offering more consolidatory trading behavior than a major correction.
The same was not true of tech stocks these were led by a dramatic 20% rout in Amazon during out-of-hours trading thanks to missed earnings targets. Amazons market capsealed the biggest such post-close drop in history, at over $230 billion.
There is obviously a lot happening in the macroeconomic environment, and well balance our investments to be more streamlined without compromising our key long-term, strategic bets, CEO Andy Jassy commented in the firms Q3 earnings report.
While evidence of the problematic state of flux experienced by tech giants worldwide this year, Amazons comedown notably failed to spark copycat moves on crypto markets.
The same is true with similarly painful results from Meta, the stock price of which fell below $100 to return to 2015-levels this week.
This is a sea change from the end of 2021, economist, trader and entrepreneur Alex Krueger believes, that time marked by heavy price declines, which came in step with poor performance at Netflix.
Last January Netflixs earnings and its ensuing 20% crash sent $BTC down 20%, $ETH down 30%. Today Amazon’s earnings and its ensuing 20% crash sent $BTC down 2%, $ETH down 3%, he tweeted on Oct. 28:Weak hands are mostly gone.
With that, Netflix is down 50% year-to-date with its current stock price around $300. BTC/USD is down around 6% more, data from Cointelegraph Markets Pro and TradingViewshows.BTC/USD vs. Netflix stock 1-week chart. Source: TradingViewCorrelation has not gone away
The observation feeds into a growing narrative over Bitcoins correlation to traditional markets.
Related:A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance
The past week has not seen the clear-cut lockstep moves between BTC and equities, with the former playing catch-up as stocks cooled. As Cointelegraph previouslyreported, Bitcoins growing correlation to gold is now gaining attention once again.
Overall, however, a long-term trend change in correlation with the S&P 500, for example, is still far from being confirmed.BTC/USD vs. S&P 500 correlation chart. Source: TradingView
While its too early to say if this trend continues, its worth watching, Mario Nawfal, founder of Blockchain consultancy firm IBC Group, summarized.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. #Bitcoin #Amazon #Bitcoin Price #Markets #Stocks #Meta Related News Chile puts CBDC plans on hold until end of 2022 to undertake more analysis Bitcoin miners rethink business strategies to survive long-term Does the IMF have a vendetta against cryptocurrencies? Bitcoin mirrors 2020 pre-breakout, but analysts at odds whether this time is different How long will the bear market last? Signs to watch for a crypto market reversal
