Popular streaming service Netflix’s stock price took a significant hit after releasing disappointing user numbers. Surely these numbers are making some in the crypto community cry foul at the volatility.
Speaking of the stock market, it has again made crypto look sturdy by comparing it with the Netflix (NFLX) stock price, dropping by 25% in after-hours trading today.
This news has sparked the dramatic tumble on Tuesday that the streaming service has lost 200,000 customers in the first quarter of 2022. The news also revealed that the projects would lose a further two million subscribers this quarter. According to Bloomberg, this memorializes the first time the company has totaled losses in user numbers since 2011.
Moreover, investors responded by dumping NFLX shares in after-hours trading, causing prices to crash to $258.90. Also, when trading opens for the day at 1:30 pm UTC on April 20, it is vague what price the stock will open at.
Related: Netflix to Release Documentary on 2016 Bitfinex Hack
Crypto Community About Netflix Share Plunge
We can say that such price action has tempted some glee from the crypto community. The h community who have long faced complaints from traditional investors that crypto is too volatile.
In addition, Crypto analyst and host of the YouTube channel Into the Cryptoverse Benjamin Cowen tweeted. Today, he tweeted to his 622,000 followers that the NFLX crash reminds him of “how stocks became more like #crypto, rather than the other way around.”
The Netflix stock price has functioned worse in 2022 than Bitcoin (BTC) has this year. NFLX had lost 57% since Jan 1, 2022, when it was at its height for the year at $597.37. By comparison, BTC is down 11% overall since 2022 from the opening price of $46,319 to $41,288, according to CoinGecko.
Furthermore, other tech stocks have seen crypto-like daily losses this year. On Feb. 2, PayPal (PYPL) dropped 20% from $172.77 to $139.89. On the same day, META, which is formerly Facebook, dropped by 25% from $327.82 to $244.65.
However, before crypto pundits get ahead of time, it must be noted that Bitcoin has failed harder than those tech stocks during previous crypto market crashes. If we see the last time BTC fell it was at least 25% in a single day was March 12, 2020, when it fell 41% from $7969 to $4776.
Analysis carried out by crypto research firm Into The Block and released on April 16 found that BTC and Ether (ETH) have been less volatile than many stocks.
To conclude, Host of the Coin Stories podcast Natalie Brunell tweeted today that Netflix might be able to solve some of its existing problems by adding BTC to its balance sheet.
