After Meta announced a balance sheet below analyst expectations, the company’s shares declined with the decline, while the crypto money markets in general followed the decline in Nasdaq futures. Of these, Bitcoin also had its share and fell below $37,000 again.
Bitcoin slumped from its highest level in the last two weeks after the drops in the Nasdaq. The fact that Bitcoin miners in Texas stopped their operations due to cold weather is also thought to be effective in the decrease in prices.
The decline in Nasdaq towards the end of the session was effective in Facebook’s umbrella company Meta and Spotify. Nasdaq futures were down around 2% on Thursday morning.
Meta dropped the company’s shares by around 18 percent as it posted a lower-than-expected fourth-quarter balance sheet, while Spotify shares fell 23 percent due to the company’s lower-than-expected subscriber targets, giving back gains over the past two years.
While the correlation between the Nasdaq and Bitcoin has reached an all-time high in recent weeks, the decline in the technology-heavy index has also put pressure on the cryptocurrency markets. The price of Bitcoin has dropped from the $39,000 limit to $36,900.
Texas cryptocurrency miner Riot Blockchain has temporarily suspended Bitcoin operations in order to reduce electricity consumption in the system due to the approaching cold wave in the state. After the Texas cold last year, there were major power outages across the state.
Cryptocurrency shares in Asian markets also declined with the decline in Bitcoin. Shares of Japanese Monex Group, which also has crypto exchanges among its subsidiaries, fell 4.5 percent, while shares of SBI Holding fell by around 2.3 percent.
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