The stock market has once again made crypto appear stable in contrast, with the Netflix (NFLX) stock price plummeting 25% in after-hours trading today. Following the recent sheep dip in Netflix stock price, many members of the crypto community have expressed concerns about stock volatility. Investors reacted by selling NFLX shares in after-hours trading, sending the stock plummeting to a new annual low of $258.90.
It is unknown what price the stock will open at when trading resumes on April 20. Such market activity brings joy to the crypto community, which has long been chastised by traditional investors for being overly volatile.
The reason that triggered the steep drop was the disclosure on April 19 that the streaming service lost 200,000 members in Q1 of 2022 and expects to lose another two million this quarter. According to sources, this is the first time Netflix has lost this many users since 2011.
The NFLX drop reminded Benjamin Cowen, the host of the YouTube show Into the Cryptoverse, of “how stocks grew more like # crypto, rather than the other way around.”
Watching $NFLX drop -26% after hours reminds me how stocks became more like #crypto, rather than the other way around
— Benjamin Cowen (@intocryptoverse) April 19, 2022
Natalie Brunell, host of the Coin Stories podcast, tweeted today that adding Bitcoin to Netflix’s balance sheet might help it overcome some of its present challenges.
Maybe $NFLX should get some #Bitcoin content (and BTC on its balance sheet). 🤷🏻♀️
— Natalie Brunell (@natbrunell) April 19, 2022
NFLX’s stock price has done worse in 2022 than Bitcoin’s (BTC) stock price has done this year. NFLX has declined 57% since January 1, 2022, when it peaked at $597.37. According to CryptoShrypto, BTC has fallen 11% since its beginning price of $46,319 in 2022 to $42,304.
But, before crypto analysts get too far ahead of themselves, it’s worth noting that Bitcoin has historically plummeted worse than similar tech equities during prior crypto market crises. The last time BTC declined more than 25% in a single day was March 12, 2020, when it plunged 41% from $7969 to $4776.
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