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After a Drop in Us Technology Stocks, Dogecoin and Cardano Have Become Drags on the Market
In the past twenty-four hours, prominent cryptocurrencies have seen a downward trend, mirroring the decline in US technology equities that occurred after important businesses posted profits that were lower than expected. Historically, the price of bitcoin has tracked the performance of technology stocks.
The decline in stock prices occurred even though the U.S. gross domestic product data for the third quarter was far better than predicted, coming in at 2.6% expansion rather than the 2.4% growth that was projected. The technology-focused Nasdaq 100 ended Thursday with a loss of 1.63%, while the S&P 500 had a loss of 0.61%.
Following a two-day increase, the price of Dogecoin (DOGE) dropped 7.7% in the previous twenty-four hours as Elon Musk got closer to acquiring the microblogging site Twitter (TWTR). Because of Musk’s significant investment in DOGE, cryptocurrency has evolved into a stand-in for public opinion on him. The remarks that the entrepreneur has made regarding the token have likewise continuously affected its price. Read also: Young Silicon Valley Workers Will Face Enormous Layoffs and the Cancellation
Cardano (ADA) was the cryptocurrency that led to a significant decrease, plunging 6%. Ethereum (ETH) and bitcoin (BTC) both had a decline of 2%, although Polygon (MATIC) and Solana (SOL) only experienced a decline of 3%. The BNB token on the BNB Chain had minimal losses as a result of crypto Binance’s confirmation that it had made an equity investment in Musk’s Twitter.
Binance is the company that issued the BNB token and supports development on the BNB Chain. The amount of money that was liquidated from crypto-tracked futures was just $97 million, which is a lower figure than is typical and suggests that spot prices were primarily responsible for the drop.
On Wednesday, U.S. markets were negatively impacted by disappointing earnings reports from Microsoft (MSFT) and Alphabet (GOOGL), the parent company of Google. The firms reported a decrease in the number of units that generate income. Amazon (AMZN) shares dropped by almost 13% on Thursday after the company issued a warning that the holiday season would be slower than anticipated due to cautious customer spending. Read also: The Biggest Tech Firms Are Flashing Red Lights About the Economy
The company’s operating income came in at $2.5 billion for the quarter, a significant drop from the $4.9 billion it brought in during the same period the previous year.
According to sources, the combined value of Alphabet, Apple (AAPL), Amazon, Facebook (FB), and Microsoft’s share prices has decreased by almost $850 billion since Monday. Read also: Two Terrebonne Students Are Facing Hate Crime Charges After Being Caught on Film Repeatedly Shouting the N-word
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