Investing.com– price dropped on Thursday, pressured by weak risk appetite as a rout in major U.S. technology stocks spilled over into crypto markets, while anticipation of more cues on interest rates also weighed.
The world’s largest cryptocurrency dipped 3.9% over the past 24 hours to $63,984.9 by 07:50 ET (11:50 GMT).
Bitcoin-tech stock correlation back in play
Losses in Bitcoin came largely in tandem with a drop in major U.S. technology stocks, following a weaker-than-expected revenue forecast from Facebook owner Meta Platforms Inc (NASDAQ:). Meta slid 15% in aftermarket trade, while its peers Microsoft Corporation (NASDAQ🙂 and Alphabet Inc (NASDAQ🙂 sank 2% and 3%, respectively.
Bitcoin generally trends to track movement in U.S. technology stocks, given that both sectors are viewed as opportunities for high-return, speculative investment.
This trend had somewhat petered out earlier this year, especially…
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