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On Thursday, the shares of Apple erased over $65 billion from its valuation after the Chief Executive Officer (CEO) Tim Cook blamed the slowdown in China’s sale for falling revenues. The amount which Apple lost in a single day is close to the entire market cap of top cryptocurrency Bitcoin. It shows that Bitcoin and other virtual currencies are still in the early stage of mass adoption.

2018 was a tough year not only for Bitcoin but also for the whole crypto industry. In the year 2018 cryptocurrencies lost around $700 billion from the entire market cap of digital assets. During the year crypto assets lost around 85% of their value.

Apple is an American multinational technology company which designs, develops, and sells consumer electronics, computer software, and online services. Apple is considered as one of the Big Four of technology along with Google, Amazon, and Facebook. If we look at the overall performance of the Facebook, Amazon, Apple, Netflix, and Google it shows that even these red-hot tech stocks are not booming. From their all-time high, these five tech companies lost over $1 trillion.

The current fall in the share price of Apple is because of the lower revenue. In a letter to investors, CEO of Apple, Tim Cook said that the sales problem were primarily in the Greater China reign which includes Taiwan and Hong Kong. The revenue from these regions accounts for almost 20% of the total revenue of Apple. Time Cook further added

Though the company had warned the investors in November last year about the strengthening of the dollar and economic weakness in some of the overseas markets which would be likely to hurt sales in the last three months of the year. Currently, the shares of Apple are trading at the lowest price since July 2017 and the daily plunge is considered as one of the worst plunges since January 2013.

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