Big Tech Trading Like Bitcoin on a Bad Day After Disappointing Earnings

Bitcoin, known for its volatility, has only lost 18% or more in one day on 10 occasions over the last 10 years, and only twice in the last 5 years


Source: Shutterstock


key takeaways

  • Bitcoin managed to stay above $20,000 as Big Tech stocks continued their decline in after-hours trading
  • Amazon lost more than 20% during the after-hours session Thursday while Meta closed Thursday nearly 25% lower

Based on Thursday’s session, Big Tech is starting to trade like cryptocurrencies. 

Although bitcoin managed to stay above $20,000, paring just 2% over the day, Big Tech stocks continued their decline in after-hours trading following disappointing earnings results. 

Amazon lost more than 18% during the after-hours session Thursday after the company missed on revenue. Meta closed Thursday nearly 25% lower, ending the trading session at its lowest price since 2016, after posting a 4% year-over-year revenue decline. 

Apple, by contrast, posted a record quarterly earnings but still could not escape the market decline and lost 5% during the trading session, according to data from 

Bitcoin’s volatility is legendary, but…

Bitcoin, known for its volatility, has only lost 18% or more in one day on 10 occasions over the last 10 years, and only twice in the last 5 years. 

Bitcoin’s 20-day volatility is now lower than both that of the Nasdaq and S&P 500, according to research from data firm Kaiko. Both BTC and ETH have outperformed META over the past year.

“Bitcoin’s market share of trade volume hit its highest level in more than two years,” Kaiko noted in a research report released Thursday. “Bitcoin dominance has increased sharply since April which suggests that sentiment has turned predominantly bearish after the collapse of Terra’s ecosystem and the wave of high-profile bankruptcies over the summer.”

Disappointing earnings, coupled with a looming central bank decision and a tumultuous macroeconomic environment, is creating an increasingly uncertain outlook for equities. 

“US stocks are struggling for direction after a mixed bag of earnings was accompanied with economic data that supports the idea that the economy is weakening,” Edward Moya, senior analyst at Oanda, said. “Mark Zuckerberg is looking reckless here…artificial intelligence investment was boosted and now everyone is expecting Meta to have a free cash flow problem.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit