Daily Market Update: Bitcoin Holds Steady as Alphabet and Tesla Earnings Trigger $800 Billion Tech Selloff
TLDR
- Bitcoin dropped less than 1% to around $65,400 while tech stocks lost $797 billion in market value
- The Magnificent Seven fell 4.8% on Thursday, their worst day since April 2025
- Alphabet and Tesla flagged heavy AI spending, spooking investors
- Tesla fell nearly 15%, Alphabet dropped 7.1% after earnings reports
- New Trump tariffs on 60 trading partners added extra pressure on markets
Bitcoin held near $65,400 on Friday during Asian trading hours, barely moving while nearly $800 billion was wiped from major U.S. technology stocks. It was down less than 1% on the day but still up 3% on the week.
Other cryptocurrencies fared worse. Ether fell 3% to $1,879, XRP dropped 2% to $1.11, and Solana lost 3% to $76. Dogecoin was the hardest hit, falling 5% on the day to $0.069. Hyperliquid’s HYPE slipped 4% over seven sessions to $58.
The losses were modest compared to what happened in stocks.
The Magnificent Seven — the group of megacap tech companies that have driven U.S. markets for three years — fell 4.8% on Thursday. That erased $797 billion in a single day, their worst performance since the tariff selloff of April 2025.
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