Musk Enters Twitter While Meta Craters

Main Takeaway: Tech Stocks Getting Hammered, Crypto Pumping

This week has been a rollercoaster week for US tech stocks as they reported earnings that in many cases resulted in cratering stock prices. In particular, companies like Microsoft, Google, Spotify, and Meta have all seen multiple percentage declines. Meta’s stock price in particular is down 20% after hours.

So the main takeaway here is that US tech stocks are dropping worse than cryptocurrencies – and in fact, cryptocurrencies in recent days have been un-correlated from equities and rising by 3% d-o-d.

Also, Elon Musk finally visited Twitter HQ – which is a potentially bullish development for the future of Twitter and crypto adoption.

Today’s Top Gainers

The top five performing coins on Phemex d-o-d are Alchemy Pay (ACH/USDT), Illuvium (ILV/USDT), Dogecoin (DOGE/USDT), Optimism (OP/USDT), and Klaytn (KLAY/USDT).