Apple Inc.’s stock flashed a bearish “death cross” for the first time in three years — suggesting that a major selloff could be around the corner. Meanwhile, the bitcoin price climbed more than 10% on December 20 ahead of a possible “Santa rally,” as Coinbase president Asiff Hirji suggested.
The comparison is apt because the cryptocurrency market and tech stocks tend to move in tandem. In fact, the recent downturn in the tech sector was partially blamed for the bitcoin bear market.
“As growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin,” Fundstrat co-founder Tom Lee said in November. “The downturn in FAANG is hurting those owning bitcoin.”