Apple Loses Near Equivalent of Bitcoin’s Entire Market Cap in One Day

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Apple Loses Near Equivalent of Bitcoin's Entire Market Cap in One Day

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Apple’s recent hit in valuation due to the recent slowdown in China’s juggernaut economy illustrated to Bitcoin and cryptocurrency followers just how far the industry needs to develop to become a household name itself.

Falling revenues at the company are unprecedented in recent times with shares trading at their lowest since July 2017, and the hit it took last week was one of the worst since January 2013.

Given that Apple is just one company, albeit, one with total global recognition, it was nonetheless able to wipe $65 billion of its evaluation last week, roughly Bitcoin’s total market cap, and continue in business. At the time of writing Bitcoin’s market cap stands at $66,903,300,377 with its value at USD3,830.48 according to CoinMarketCap.

The cryptocurrency environment is still attempting to recover from its hammering of December 2017, with 2018 showing a $700 billion loss from its market cap and cryptocurrencies shedding 85% of their worth. However, tech giants appear to be having their own unique problems too as the world’s 5 household names in tech, Facebook, Amazon, Apple, Netflix, and Google, may have lost over $1 trillion from their all-time high.

Market Analyst, eToro guru Mati Greenspan comments that this slump could well be in Bitcoin’s favor suggesting that “A correlation of <0.1 is considered weak. If the stocks keep sliding and bitcoin rising, that grey line could plummet. Then Bitcoin might be seen as a safe haven.”

Apple’s CEO Tim Cook suggested that China, Hong Kong and Taiwan account for almost 20 percent of the company’s revenue, so that any slump in those regions is sure to impact company profits as a whole, adding, “While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China.”

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