Tech stocks are having a hard time
The dip is not entirely surprising. Crypto prices remain highly correlated with tech stocks, which have also fallen in recent days.
Tech stocks plunged after it emerged that Microsoft’s future looks worse than expected. The falling demand for cloud services is particularly bad news for the company. Despite that, the tech company reported surprisingly strong results for the last quarter.
Much of the recent volatility in both the stock and crypto markets has been attributed to traders speculating on global central banks easing monetary policy moves in the ongoing battle against inflation. If this does not happen, prices could fall even further. On the other hand, an easing could actually push up prices considerably.
