Nvidia, Microsoft, and Apple See Major Losses—How Is Crypto’s Top 10 Holding Up?

Key Takeaways

• US stocks plummet on recession fears and weak tech earnings.
• The crypto market suffered a sharp sell-off over the weekend.
• Investor sentiment turns to fear amid market turmoil.

The US stock market is bracing for a turbulent day ahead, fueled by escalating recession concerns and disappointing tech earnings.

Pre-market indicators point to widespread losses, building on the negative momentum from Friday’s session, which was shaken by an underwhelming July jobs report.

Market Response to Economic Indicators

The latest non-farm payroll data  from the Bureau of Labor Statistics revealed that only 114,000 jobs were added in July, falling much short of the expected 175,000.

This shortfall contributed to the unemployment rate rising to 4.3%, its highest level since October 2021. This data has intensified fears of a looming recession, setting a gloomy tone for the market’s opening.

Technology Sector Under Pressure

The technology sector, in particular, appears poised for a sharp downturn. At the start of the trading day, the NASDAQ 100 was expected to plummet by 640 points or 3.5%. At the time of writing, the index was down 2.52%. 

Apple Inc.  and Nvidia Corp. stocks were anticipated to drop by over 7% and 8%, respectively. Apple Inc. was down 9% and Nvidia by 5% at press time.

The latest earnings reports from major players like Apple, Microsoft, and Amazon showed lackluster growth in the artificial intelligence industry, with Microsoft’s AI-driven Azure Cloud platform performing far from expectations. 

The waning numbers from Big Tech have sparked concerns over another potential bubble as AI-led earnings growth fails to meet the high expectations set by market analysts.

Much like the stock market, the cryptocurrency market also experienced a sharp downturn over a three-day period, marking the most severe sell-off since mid-August 2023. 

Bitcoin (BTC) and Ethereum (ETH) plunged significantly, with BTC falling under $50,000 and Ethereum to $2,100, decreasing by 16% and 20%, respectively. Over the past week, these declines have extended to 25% for Bitcoin and 30% for Ethereum.

Among the top 10 cryptocurrencies by market capitalization, Solana (SOL) suffered the most, plummeting 30.6% since July 30 to a price of $122. This steep decline has been partly attributed to Jump Crypto, which reportedly sold hundreds of millions of dollars worth of assets recently, as noted by Arkham Intelligence .

Moreover, the Crypto Fear & Greed Index , a measure of market sentiment, has dropped to a score of 26, reflecting a shift back to a state of fear. This is the lowest the index has been in 23 days, highlighting growing investor apprehension.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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