Crypto market stabilizes as tech stocks get rekt
After the historic volatility experienced in the crypto market the last several weeks, maybe it was time for a little change of pace.
Crypto markets today remained mostly flat—a continuation of the cool down yesterday afternoon, following a hot rally which saw the price of Bitcoin skyrocket to $9,400 before falling back down to Earth.
Bitcoin today is trading for just over $8,700, only a less-than-one percent dip from where it stood Thursday. The same is more or less true of the rest of the market, with Ethereum up less-than-one percent at $210 and XRP down 1% to $0.21.
All in all, total market capitalization for crypto is basically unchanged at roughly $245 billion.
The same can’t be said, however, for the stock market. The Dow Jones Industrial Average (DJIA) closed today down more than 600 points, while the S&P 500 dropped 2.8%. The culprit? Likely profit warnings from major stocks and heightened tensions with China.
The market saw major drops among leading tech stocks. Amazon, for example, led the downward charge with a 7% slide in price. Stock shares fell to $2,284—a near $200-drop from yesterday’s $2,453.
The dip followed news that the company would be extending its work-from-home order through early October, which may have left investors feeling wary.
Tesla also saw its shares slide by more than 11% after founder Elon Musk tweeted that the price of Tesla stock was “too high.”
Musk has found himself in trouble in the past with the SEC for similarly “inappropriate” tweets regarding his company’s stock. It looks like a $20 million fine and losing his place on the Tesla board wasn’t enough for Musk to learn any lessons.