Bitcoin holds steady as Google, Meta lead tech stock rout after missing Q3 targets

Bitcoin remains above the psychological $20,000 level despite major tech companies such as Google and Meta failing to hit their latest earnings targets.

In a week when tech giants such as Google and Meta failed to hit their revenue targets,

On October 25, Google fell short of its revenue target with ad revenue dropping to $54.4 billion. Chief Business Officer Philip Schindler has blamed the slowdown in crypto advertising for the poor quarterly results as a bear market prevails.

Meanwhile, on October 26, social media giant Meta announced that its Metaverse arm, Reality Labs, lost more than $3.7 billion in the third quarter. Following the failed earnings report, Meta’s stock price fell 20% to $105.

But as Meta stock was losing value, Bitcoin surged to a six-week high, trading at $20,607.

Bitcoin’s price has risen significantly over the past seven days, while top tech stocks such as Amazon, Google and Microsoft posted negative returns, according to Trading View data.

From the charts, Bitcoin (BTC) rose 7.7% while Amazon (AMZN) fell 2.7%. Microsoft (MSFT) and Google (GOOGL) also dropped 4.3% and 6% respectively.