Google Ads Monopoly Crippled by Crypto Winter as Tech Stocks Tumble

Digital asset companies and investors are not the only ones who have suffered during the crypto winter. Search giant Google also claims to be a victim.

Google’s chief business officer, Philip Schindler, said the slowdown in ad spending by crypto companies has hindered revenue growth.

The comments came during Alphabet’s third-quarter earnings call on October 25. He said there was a “decreased spend in certain areas in search by some advertisers” for this period.

He added that the financial services insurance, loans, mortgage and crypto subcategories have reduced his advertising spend.

The decline resulted in Google’s weakest period of ad growth since 2013 at just 6%, according to CNBC,

Tech stocks still fall

Alphabet shares were down 7% in later trading on Tuesday after reporting weaker-than-expected earnings. YouTube ad revenue declined by about 2% compared to the same period last year.

CEO Sundar Pichai blamed the “challenging macro climate” for the company’s poor performance. GOOGL had fallen to $97.60 in late trading. The tech stock is down about 33% since the start of the year.

there was no alphabet technical stock Tomorrow in red. Software giant Microsoft lost 8.1% after disappointing revenue forecasts. The company posted its weakest quarterly sales growth in five years. MSFT fell to $233.87, down 30% in share prices so far this year.

Meta shares also fell 5.6% to $131.85 in after-hours trading. In addition, consumer sentiment for its grand metaverse plans has waned. META has fallen by more than 60% since the start of 2022.

The crypto markets have been heavily correlated with tech stocks this year. These risk-on assets have taken a beating, with the Nasdaq down 30% since January 1. The more volatile crypto market is down 56% in the same period.

A Rare Step into the Crypto Winter

In a rare uptrend in the crypto winter, total market capitalization topped $1 trillion on Wednesday. This is the highest in three weeks after gaining 4.6%.

Bitcoin has again broken the psychological $20K barrier. According to CoinGecko, the asset was trading up 4.4% on the day at $20,162.

Ethereum was performing even better with a 10% daily pump. This pushed the price of ETH to $1,481, the highest since mid-September.

Other big gainers today include Cardano, Solana, Dogecoin and Polkadot. However, as consolidation continues, the markets remain in their range.


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