Published On: Thu, Nov 30th, 2017

FANG Stocks Lose Nearly $60 Billion as Bitcoin Claws its Way to the $10k Mark

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While the world (or at least most of it) was watching Bitcoin’s roller coaster ride into 10k territory, FANG stocks collectively lost nearly 20 times as much as their Bitcoin counterparts through their biggest market cap drop yet.
The hours leading up to Bitcoin’s historic five-figure milestone were filled with hope, excitement, and probably a few sour grapes for those ever-present cynics.
Even though the currency reached this milestone, it continued its trademark volatility, flirting wildly between $9,700 and $11,500.  It eventually ended up losing just over $3 billion in market cap on its record-breaking day.
A $3 billion loss is painful, but not nearly as much as that of FANG stocks, which suffered their biggest collective loss ever, losing close to $60 billion – nearly 20 times more than Bitcoin. Kind of takes a little bit of a sting out of the popular digital currency’s loss, doesn’t it? And here we thought that trading crypto was risky!
The FANG loss comes in the wake of US President Trump’s administration offering a potential reduction in the corporate tax rate.

$60 Billion Loss – a Bitter Pill to Swallow
FANG (Facebook, Amazon, Netflix, and Google) trades on …

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