Dogecoin, Cardano Weigh on Crypto Majors After US Tech Stocks Plunge

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Crypto majors slid in the past 24 hours following a plunge in U.S. technology stocks as key companies reported lower than expected earnings. By shauryamalwa

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,Dogecoin sunk 7.7% in the past 24 hours following a two-day rise as Elon Musk neared his takeover of microblogging service Twitter . 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.

Cardano led a decline in crypto majors, falling 6%. Ether and bitcoin fell 2% each while Polygon and Solana fell a tamer 3%. BNB Chain’s BNB token showed nominal losses as crypto Binance – which issued BNB and supports development on the BNB Chain –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 and Google parent Alphabet weighed on U.S. markets on Wednesday. The companies reported a. On Thursday, shares of Amazon 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.

Overall, shares in Alphabet, Apple , Amazon, Meta and Microsoft have dropped by around $850 billion since Monday, as

 

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