Apple (APPL) has lost as much value as the entire crypto industry within days. Tech giant Apple has erased nearly $ 400 billion of its market cap in the past few days, exceeding the value of the entire cryptocurrency industry.
The stocks of the Cupertino-based company fell nearly 20% in the past three days and fell another 7.60% on September 4th.
The Last Three Days Has Reversed The Situation
Apple made history just two weeks ago as the first U.S. company to exceed $ 2 trillion in market value. After all sales in March pushed the giant out of the 1 trillion club, it managed to double its value in just five months.
Apple’s fifth stock breakdown added more fuel to its already over-expanded rally, with Robinhood and other trading platforms crashing in late August due to huge demand.
We are moving fast to September 3. Apple recorded the biggest one-day loss for a U.S. listed company, with a loss of $ 179.92 billion, overshadowing the market value of 470 companies in the S&P 500.
Most Shares Are Falling
And that includes not only Apple but other major tech stakes. Nasdaq Composite, Facebook, Tesla and other technology giants are in the red area. Shares fell another five percent earlier today.
Altaf Kassam of State Street says that although these huge red candles may seem as ominous as they seem, the market should fade a little after a strong recovery:
“Obviously, we’ve had an incredible rise and the market needs to stop to breathe.”
Bitcoin (BTC) Also Affected
The total cryptocurrency markt also took a big hit with Nasdaq and lost $ 60 billion over three days.
Bitcoin’s dominance currently stands at 57 percent. The top cryptocurrency was changing hands at $ 10,400 at the time of writing, according to CoinMarketCap data after a violent $ 12,000 rejection that occurred before the route.