Crypto majors slid in the past 24 hours following a plunge in US technology stocks as key companies reported lower-than-expected earnings. Bitcoin has previously followed the movement in technology stocks.
The equities drop came even after an unexpectedly strong GDP report in the U.S., with economic growth expanding 2.6% in the third quarter versus expectations for 2.4% growth, as reported. Tech-focused Nasdaq 100 finished 1.63% lower on Thursday, while S&P 500 fell 0.61%.
Dogecoin (DOGE) rebounded after losing some 7.7% in 24 hours following a two-day rise as Elon Musk neared his takeover of microblogging service Twitter (TWTR). Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur’s statements about the token have also consistently influenced its price. The token was trading 5% higher over 24 hours as of 11:00 UTC.
Cardano (ADA) led declines in crypto majors, falling almost 6%. Bitcoin (BTC) lost about 2% while ether (ETH) and Solana (SOL) fell 3%. BNB Chain’s BNB token showed nominal losses as crypto exchange Binance – which issued BNB and supports development on the BNB Chain – confirmed its equity investment in Musk’s Twitter.
Crypto-tracked futures racked up just $97 million in liquidations, a lower-than-usual figure that suggested the declines were mostly spot driven.
Weak third-quarter results from Microsoft (MSFT) and Google parent Alphabet (GOOGL) weighed on U.S. markets on Wednesday. The companies reported a slowdown in revenue-generating units. On Thursday, shares of Amazon (AMZN) fell some 13% and warned of a slower-than-expected Christmas period amid cautious consumer spending. Operating income at Amazon decreased to $2.5 billion in the quarter, compared to $4.9 billion in the same period in 2021.