This week saw positive earnings reports expected to boost stock markets. Tomorrow’s market opening will reveal the impact of three major tech companies’ earnings exceeding expectations. However, Bitcoin continues to hover around the $64,500 mark.
Earnings Reports and Bitcoin (BTC)
The earnings reports of three major tech companies arrived and the actual figures surpassed forecasts. However, today’s U.S. GDP data came in 50% below expectations, shaking stock markets with concerns about economic contraction. A similar outcome is seen in the Bitcoin chart, with the crypto king dropping to $62,794.
With the arrival of earnings reports, BTC returned to the $65,000 limit, setting its daily peak but has yet to close at higher levels. If ETF data does not disrupt cryptocurrencies at the daily close, a rise in crypto could be seen at tomorrow’s stock market opening due to positive correlation. If sentiment shifts positively, this could also be seen in meme coins and other altcoins.
- Intel (Reported: $12.72 Billion Revenue, Expected: $12.71 Billion)
- Alphabet (Reported: $80.54 Billion Revenue, Expected: $79.04 Billion)
- Microsoft (Reported: $61.98 Billion Revenue, Expected: $60.87 Billion)
