The tech stock wipeout may continue further, as online retail giant Amazon loses more than $200 billion in stock value. This translates to a 20% decline.
Read CRYPTONEWSLAND onAs seen in the chart above, Amazon (AMZN) crashed from $116 to $87.44 in just one day. Similarly, Facebook’s parent company Meta (META) experienced the same — even worse.
From $141.78, META has plummeted to less than $100. Interestingly, AMZN has started its price recovery, while META’s tribulation is still far from over. Among most tech stocks, Twitter (TWTR) is one that shows a bullish potential, thanks to Elon Musk’s official takeover.
The recent price plunges experienced by the said tech giants have prompted many to reevaluate their investment strategies. Crypto analyst Lark Davis even illustrated that AMZN’s price shedding is equivalent to the total market capitalization of Ethereum (ETH), the second-largest cryptocurrency by market capitalization.
In contrast, the crypto market appears to remain relatively stable. Bitcoin (BTC) remains firm in the $20,000 – $21,000 range, although the next few days will challenge its support in the said level. Overall, the crypto market cap is still maintaining its $1 trillion market capitalization.
These comparisons have emboldened others to continue investing in crypto instead of tech stocks. Twitter user Doctor Profit made a comparison.
Nevertheless, there are still many indicators suggesting that both the stock and crypto markets are still a long way to go from exiting the bear territory. Given various economic and geopolitical happenings today, traders must exercise extra restraint when trading.
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