Home » Bitcoin weak hands ‘mostly gone’ as BTC ignores Amazon, Meta stock dip

Bitcoin weak hands ‘mostly gone’ as BTC ignores Amazon, Meta stock dip

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Bitcoin (Bitcoin) is cut off from Big Tech because disappointing earnings cannot trigger a significant drop in BTC price.

Economic data for Q3 2022 saw heavy losses for some tech stocks, but BTC/USD avoided a knock-on effect.

Bitcoin holders shrug at technical results in Q3

The largest cryptocurrency fell by about $800, or 3.8%, on Oct. 27 after reaching a six-week high.

Bitcoin is still around $20,200 at the time of writing with more offers Linking Trading behavior over major fixes.

The same wasn’t true for tech stocks, which caused Amazon to plunge dramatically by 20% during after-hours trading after failing to meet its earnings targets.Amazon market capitalization sealed It’s the biggest post-close drop in history, surpassing $230 billion.

“There’s clearly a lot going on in the macroeconomic environment, and we’re balancing it to make our investments more rational without compromising our important long-term strategic bet,” said CEO Andy Jassy. commented Included in the company’s third quarter earnings report.

While evidence of the troubled liquidity experienced by tech giants around the world this year, Amazon’s collapse has particularly failed to spur a copycat move in the crypto market.

The same can be said for Meta’s similarly tragic result, which saw the stock dip below $100 this week, back to 2015 levels.

this is, End of 2021economist, trader and entrepreneur Alex Krueger believes there was a time when prices fell sharply in step with Netflix’s poor performance.

“Netflix’s earnings and subsequent 20% crash last January caused $BTC to drop 20% and $ETH to drop 30%. was down 2% and $ETH was down 3%.” murmured October 28th.

“The weak hand is almost gone.”

That’s taken Netflix down 50% year-to-date, and the stock is now around $300. BTC/USD is down another 6%. Cointelegraph Market Pro When TradingView indicate.

One week chart of BTC/USD vs Netflix Stock.Source: Trading View

Correlations Haven’t Disappeared

This observation is reflected in the narrative about the correlation between Bitcoin and traditional markets.

Related: A record 55,000 Bitcoins, or over $1.1 billion, have been withdrawn from Binance

There was no clear lockstep move between BTC and equities last week, with the former catching up as equities cooled.as Cointelegraph reportthe growing correlation between Bitcoin and gold is once again in the spotlight.

But overall, a long-term trend change in correlation with the S&P 500, for example, has yet to be seen.

BTC/USD vs. S&P 500 correlation chart.Source: Trading View

“It is too early to tell if this trend will continue, but it is worth watching,” said Mario Nawfal, founder of blockchain consultancy IBC Group. wrap up.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.