Amazon drops 20%, Bitcoin and Cardano prices plummet

After a strong rally during the week, the crypto-currency market is crashing today once again. The price of bitcoin has fallen more than 2% in the past 24 hours and is trading at $20,309.

The crypto-currency market is crashing as Amazon missed its earnings report. As a result, Amazon’s shares fell 13 percent. They fell as much as 21% after largely missing their fourth quarter sales forecast.

The crypto altcoins market is also crashing due to the strong impact of the tech stock crash. The price of Cardano has fallen more than 5% in the past 24 hours and is trading at $0.3837. Ethereum has fallen more than 3% and is in danger of falling below $1.5,000.

Why is the crypto crashing today?

The crypto market is crashing as macroeconomic conditions begin to deteriorate again. U.S. President Joe Biden has stated that the U.S. economy is strong and resilient. The recently released GDP data also confirmed Joe Biden’s position. U.S. GDP growth came in at 2.6 percent, higher than the 2.4 percent expected.

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However, technology companies are painting a different picture of the economy. Recently, Meta plunged 20% when it reported poor results. Similarly, Amazon also highlighted poor performance in its numbers. Amazon revealed that sales will only increase by 2% to 8%. Economic uncertainties related to inflation and recession have plagued Amazon’s performance and shares.

According to experts, this could be the worst earnings season for technology companies since the Lehman Brothers crash. It could be worse than the recessionary period during the Covid-19 pandemic. Crypto assets have a strong correlation with the general stock market. They have a particularly strong correlation with technology stocks and the NASDAQ. Therefore, due to the poor performance of technology companies, the crypto-currency market is also collapsing.

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How will crypto-currencies perform in the near future?

Michael van de Poppe, CEO of Eight Global and crypto influencer, believes the crypto market can recover. He believes that since the GDP price index has fallen by 5% in a quarter, the CPI and PCE will also fall. The crypto market can recover as the Fed may pivot due to cooling inflation.

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