Major cryptos treaded water with most coins in the red as disappointing results from giant Netflix spooked tech investors. Bitcoin, the largest coi
Major cryptos treaded water with most coins in the red as disappointing results from giant Netflix spooked tech investors.
Bitcoin, the largest coin by market cap, gained 0.25% to US$41,504, continuing to trade just above its key support level of US$40,000.
Ethereum, on the other hand, fell 0.74%% to US$3,075.
Over the last year, cryptocurrencies have increasingly mirrored the movements of tech stocks and indices, in particular the Nasdaq in the US and the Hang Seng in Hong Kong.
Bitcoin is down nearly 40% since reaching all-time highs in November last year, while Ethereum is down 37% over same period as inflation and war in Ukraine hit sentiment.
Yesterday, Netflix, one of the largest tech stocks, lost 35% of its share price, wiping nearly US$5bn of its valuation after it announced the number of subscribers fell for the first time in a decade.
As a result, the Nasdaq fell by 1.22%, down to 13,454 points while the Hang Seng index is currently down 1.8% to 20,569 points.
According to Craig Erlam, a market analyst at Oanda, Bitcoin is “struggling to generate any upside momentum which may come as a concern to some.”
In some of the altcoins, Solana fell 1.78% to US$105.96, Terra lost 1.96% to US$93.12 and Avalanche fell 1.38% to US$78.09
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