Feb 7th 2022
Bitcoin fell when FB released weak Q4 report. Why?
Last Wednesday, Meta Platforms (FB) released a weak Q4 report. Disappointed traders sent the FB stock down 23%, making Nasdaq decrease 1.9%. Why did the bitcoin price also fall?
Source: Tradingview, Coinbase, CME
Nasdaq primarily consists of tech and many growth companies that react poorly to macro fears, mainly interest rate hikes. From a price action perspective, bitcoin has proven to fit in the same category, being inversely correlated to future interest rates expectations.