Could Netflix Tumble Down The Crypto Market?

On Tuesday, the crypto market looked good in comparison to Netflix (NFLX). The shares of the world’s leading streaming company fell 27% to $256 in after-hours trading reaching 2019 levels after announcing a massive loss of 200,000 subscribers in the first quarter of 2022. This translated to roughly a $40 billion loss in half an hour. This is the first time the company loses customers since 2011 and is expecting to lose 2 million more in the current second quarter. NFLX is already 63% down from its All-Time High and over 40% this year.   “For those wondering how long a miss like this can sting: A reminder that $FB is still down ~33% since it disclosed Facebook’s user growth hit a ceiling,” Bloomberg’s Brian Chappatta noted. Analyst Michael Nathanson of MoffettNathanson LLC told Bloomberg that “It’s just shocking,” adding, “Everything they’ve tried to convince me of over the last five years was given up in one quarter. It’s such an about-face.” Will Crypto Follow? The news site further reported that “Disney fell as much as 5.2% in extended trading after Netflix reported its outlook, while Warner Bros. Discovery Inc., the owner of HBO Max, declined as much as 2.8%. Shares of Roku Inc., the maker of set-top boxes for streaming, dropped as much as 8.3%.” Many have wondered if this could drag down the crypto market as well. An economist noted that the last time a sharp shed like this ha...