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Apple (APPL) Erases Entire Crypto Market Cap in Three Days (And It's Just 20 Percent of Its Value)

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Fri, 09/04/2020 - 16:01
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Alex Dovbnya
Apple (APPL) loses the value of the entire crypto industry in days
Apple (APPL) Erases Entire Crypto Market Cap in Three Days (And It's Just 20 Percent of Its Value)
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Tech titan Apple has erased approximately $400 bln of its market capitalization over the past few days, which exceeds the value of the entire cryptocurrency industry.

The shares of the Cupertino-headquartered company are down nearly 20 percent over the last three days, plunging another 7.60 percent on Sept. 4.

Three days turn the tables for tech juggernauts

Just two weeks ago, Apple made history by becoming the very first U.S. company whose market capitalization surpassed $2 tln.

It managed to double its valuation in just five months after an all-around March sell-off pushed the behemoth out of the $1 tln club.

Apple's fifth stock split added more fuel to its already overextended rally, with Robinhood and other trading platforms crashing in late August due to great demand.

Fast forward to Sept. 3. Apple recorded the greatest one-day loss for a U.S.-listed company, a loss of $179.92 bln, which eclipses the market cap of 470 companies in the S&P 500.

And it's not just Apple: other big tech stocks are getting clobbered as well. The Nasdaq Composite dropped yet another five percent earlier today, with Facebook, Tesla and other juggernauts swimming in a sea of red.

As ominous as these huge red candles might seem, State Street's Altaf Kassam says that the market had to take a breather after a strong recovery:

Frankly, we’ve just had an amazing run up and the market does need to pause for breath.

Related
Coinbase CEO Names Cryptocurrency-Related Restrictions Imposed by Apple

Bitcoin on the ropes

The total cryptocurrency market cap also took a huge hit together with the Nasdaq, erasing $60 bln over the course of three days.

CMC
Image by tradingview.com

Bitcoin's dominance is currently standing at 57 percent. The top cryptocurrency is changing hands at $10,300 after a violent rejection at the $12,000 level that occurred prior to the rout.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.