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After a week of strong gains, the cryptocurrency market is crashing again today. Bitcoin price has dropped more than 2% in the last 24 hours, trading at $20,309. The cryptocurrency market has crashed as Amazon failed to meet its earnings report targets. As a result, Amazon’s stock price fell 13%. They slid to 21% after well undershooting fourth-quarter sales forecasts.
The impact of the crash in technology stocks is strong, and the virtual currency altcoin market is also crashing. Cardano’s price has fallen by more than 5% over the past 24 hours, trading at $0.3837. Ethereum is down more than 3% of him and risks falling below $1.5 million.
The crypto market is collapsing as macroeconomic conditions have started to deteriorate again. US President Joe Biden has argued that the US economy is strong and resilient. Recently released GDP data also confirmed Biden’s stance.of US GDP growth rate It was 2.6%, higher than the expected 2.4%.
But tech companies see the economy differently. Recently, meta missed the mark It fell 20% on the earnings report. Similarly, Amazon also highlighted poor data performance. Amazon revealed that sales would only increase by 2% to 8%. Amazon’s earnings and stock price are plummeting due to economic uncertainty from inflation and recession.
This month could be the worst earnings season for tech companies, experts say Lehman Brothers CrashIt could be worse than during the recession during the Covid-19 pandemic. Crypto assets show strong correlation with the general stock market. These show a particularly strong correlation with technology stocks and his tech-oriented NASDAQ. Hence, the crypto market is also crashing due to the bad revenue of the technology.
Eight Global CEO and leading cryptocurrency influencer Michael van de Poppe believes the cryptocurrency market could rise again. He said the GDP price index fell by 5% in his one quarter. CPI PCE drops as well. Crypto Markets May Recover as Cooling Inflation Causes Fed to Pivot
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
