Bitcoin is holding above the psychological $20,000 level, despite major tech companies like Google and Meta missing their latest earnings targets — indicating a decoupling of the flagship crypto from tech stocks.
In a week when big tech companies, including Google and Meta, missed their earnings target,
On Oct. 25, Google missed its earnings target after its advertising revenue fell to $54.4 billion. Chief Business Officer Philip Schindler blamed the low quarterly performance on a slowdown in crypto ads due to the prevailing bear market.
Meanwhile, on Oct. 26, social media giant Meta announced that its Metaverse division Reality Labs lost over $3.7 billion in the third quarter — recording a total loss of $9.4 billion year-to-date. Following the missed earnings report, Meta’s stock price fell 20% to $105.
However, as Meta’s stocks were losing value, Bitcoin surged to a six-week high to trade at $20,607.
Trading View data revealed that Bitcoin’s price has increased significantly over the last seven days, while top tech stocks like Amazon, Google, and Microsoft have recorded negative returns.
Source: Trading View
From the chart, Bitcoin (BTC) surged by 7.7%, while Amazon (AMZN) fell by 2.7%. Microsoft (MSFT) and Google (GOOGL) also declined by 4.3% and 6%, respectively.
Posted In: Bitcoin, Trading
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