Magnificent Seven Lose $2.6T as Bitcoin Soars

NAIROBI (CoinChapter.com) – The “Magnificent Seven” tech stocks, including Nvidia, Microsoft, Alphabet, Amazon, Apple, Meta, and Tesla, have lost $2.6 trillion in market cap over the past 20 days. The Kobeissi Letter highlighted this drop, noting it equals triple the value of Brazil’s entire stock market. Conversely, the crypto market cap has risen 11% during the same period.

Nvidia and Microsoft Lead Declines

Nvidia’s market cap has plummeted 23% since July 10, losing $800 billion. Despite its upcoming Q2 earnings report on Aug. 28, the semiconductor giant’s market cap stands at $2.55 trillion. Nvidia’s stock price (NVDA) fell 7% on July 30, closing at $103.73.

Microsoft followed with a 15% decline, equating to a $554 billion loss. Despite delivering a better-than-expected earnings report on July 30, Microsoft stock (MSFT) fell 3.8%, closing at $422.92. Microsoft’s market capitalization, the world’s second-largest, has declined to $3.1 trillion over the past three weeks.

Bitcoin Outperforms Most of the Magnificent Seven YTD

In stark contrast to the losses experienced by the Magnificent Seven, Bitcoin has surged. From July 10 to the present, Bitcoin’s value increased from approximately $57,000 to around $66,000. This surge boosted its market cap from $1.14 trillion to roughly $1.3 trillion. Year-to-date, Bitcoin has outperformed most of the Magnificent Seven, with a 124.38% increase, second only to Nvidia’s 122.05% gain.

Alphabet, Apple, Amazon, Meta, and Tesla Performance

Alphabet, Google’s parent company, is the fourth-largest of the seven, with a market capitalization of $2.1 trillion. However, it has lost 12% since July 10. Company shares (GOOGL) remained largely unchanged on July 30, settling at $174.16 in after-hours trading. The tech giant reported Q2 earnings of $84.72 billion on July 23, up 5.2% from the previous quarter.

Apple, the world’s largest company by market capitalization at $3.35 trillion, will release its earnings report on Aug. 1. Nevertheless, Apple’s market cap has lost 9% or $312 billion since July 10. Company shares (AAPL) were unchanged on July 30, closing at $223.62, but they are down 7% from their all-time high earlier this month.

Amazon, the fifth-largest company by market cap at $1.89 trillion, has declined by 12% over the past three weeks. Stock (AMZN) prices dipped 1.5% on July 30 to settle at $187.47 in after-hours trading. Amazon is set to release its Q2 earnings report on Aug. 1.

Meta, formerly known as Facebook, has a market cap of $1.17 trillion, ranking it sixth out of the Magnificent Seven. However, Meta has lost $257 billion, or 18% of its market cap since July 10. The firm is expected to release its Q2 earnings report on July 31. Meta stock (META) fell 2.5% on July 30 to close at $473.90.

Tesla, the final member of the Magnificent Seven with a market cap of $711 billion, has also lost 19% in capitalization since July 10. Tesla posted its lowest quarterly profit margin in five years on July 23, with earnings per share missing estimates for the fourth consecutive quarter. Company stock (TSLA) fell 9.4% on July 30 to $231.23.

Bitcoin Dominance to Peak at 61% by Q4 2024, Predicts Analyst

Bitcoin trades at $66,379.51, down 0.32% over the past day. The market cap stands at $1.31 trillion, with a 24-hour trading volume of $26.93 billion, up 22.66%.

Bitcoin experienced a recent pullback after testing the key resistance at $70,000 on July 29. The Relative Strength Index (RSI) stands at 61.07, indicating neutral market sentiment but leaning towards overbought conditions.

The Moving Average Convergence Divergence (MACD) line is at 51.31, with the signal line at 1,344.88 and the histogram showing a positive value of 1,293.57. This setup signals bullish momentum, with increasing buying pressure.

Analyst Ted Pillows noted Bitcoin dominance at the 0.5 Fibonacci level, with historical peaks at the 0.615 level. If history repeats, Bitcoin dominance could reach 61% in Q4 2024, delaying the altseason and maintaining Bitcoin’s market dominance.

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