Bitcoin's Weak Hands 'Mostly Gone' as BTC Ignore Amazon and Meta Stock Falls

Huge losses in tech stocks, mostly occurring after Wall Street's close, don't show up in bitcoin price weakness .

Bitcoin (BTC) decouples from big tech as disappointing earnings cause no major BTC price loss.

Third quarter 2022 economic data saw heavy losses for some tech stocks, but BTC/USD avoided a chain reaction.

The biggest cryptocurrency lost around $800 on October 27, or 3.8%, after hitting its highest levels in six weeks.

At the time of writing, Bitcoin was still hovering around $20,200, providing more consolidating trading behavior than a major correction.

The same was not true for tech stocks, which were dragged down by a dramatic 20% rout on Amazon during after-hours trading due to missed profit targets. Amazon's market capitalization sealed the largest such post-close decline in history, at over $230 billion.

“There is obviously a lot going on in the macro environment, and we will balance our investments to be more streamlined without jeopardizing our key long-term strategic bets,” CEO Andy Jassy commented in the earnings report of the company's third quarter.< /p>

While evidence of the problematic state of flux faced by tech giants globally this year, Amazon's fall notably failed to trigger copycat moves in crypto markets .

The same goes for the equally painful results of Meta, whose share price fell below $100 to return to 2015 levels this week.

This is a stark change from the end of 2021, says economist, trader and entrepreneur Alex Krueger, a period marked by steep price declines, which went hand in hand with poor performance from Netflix.

"Last January, Netflix revenue and the subsequent 20% crash sent BTC down 20% and ETH by 30%. Today, Amazon revenue and the subsequent crash of The subsequent 20% caused $BTC to fall by 2%, $ETH by 3%", ...