Crypto market stabilizes as tech stocks get rekt

After the historic volatility experienced in the crypto market the last several weeks, maybe it was time for a little change of pace.

Crypto markets today remained mostly flat—a continuation of the cool down yesterday afternoon, following a hot rally which saw the price of Bitcoin skyrocket to $9,400 before falling back down to Earth.

Bitcoin today is trading for just over $8,700, only a less-than-one percent dip from where it stood Thursday. The same is more or less true of the rest of the market, with Ethereum up less-than-one percent at $210 and XRP down 1% to $0.21.

All in all, total market capitalization for crypto is basically unchanged at roughly $245 billion.

The same can’t be said, however, for the stock market. The Dow Jones Industrial Average (DJIA) closed today down more than 600 points, while the S&P 500 dropped 2.8%. The culprit? Likely profit warnings from major stocks and heightened tensions with China.

The market saw major drops among leading tech stocks. Amazon, for example, led the downward charge with a 7% slide in price. Stock shares fell to $2,284—a near $200-drop from yesterday’s $2,453.

The dip followed news that the company would be extending its work-from-home order through early October, which may have left investors feeling wary.

Tesla also saw its shares slide by more than 11% after founder Elon Musk tweeted that the price of Tesla stock was “too high.”

Tesla stock price is too high imo

— Elon Musk (@elonmusk) May 1, 2020

Musk has found himself in trouble in the past with the SEC for similarly “inappropriate” tweets regarding his company’s stock. It looks like a $20 million fine and losing his place on the Tesla board wasn’t enough for Musk to learn any lessons.