Bitcoin News Today: 10 Tech Giants Now Control the Fate of Markets and Crypto

A narrow concentration of 10 technology stocks has driven 59% of the U.S. stock market’s rally since 2019, according to an analysis by The Kobeissi Letter. These stocks—Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Broadcom (AVGO), Meta (META), Microsoft (MSFT), Netflix (NFLX), Nvidia (NVDA), Palantir (PLTR), and Tesla (TSLA)—have collectively surged by 295% over the period, underscoring the disproportionate influence of tech giants on overall market performance. This trend has raised concerns about the lack of broad-based growth and the sensitivity of major indices like the S&P 500 and Nasdaq Composite to fluctuations in these high-profile names.

The performance of these 10 stocks has also reinforced the historical correlation between U.S. tech-led risk appetite and cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). During the 2020–2022 period and in intermittent periods of 2023, BTC and the Nasdaq Composite showed positive correlations, suggesting shared investor sentiment and institutional flows. With these tech stocks dominating both equity and crypto markets, shifts in their earnings, guidance, or volatility can trigger ripple effects across financial ecosystems.

Recent movements in the stock market have further highlighted this interconnectedness. On September 5, 2025, the S&P 500 and Nasdaq closed lower following weaker-than-expected U.S. jobs data, which added to expectations of a Federal Reserve rate cut in September. While the broader indices ended the week with modest gains, the performance of individual stocks varied. For example, Broadcom (AVGO) surged nearly 9% after reporting strong quarterly results, while Nvidia (NVDA) declined nearly 3% despite earlier gains. Tesla (TSLA) also rose by 3.6% after unveiling a high-stakes pay package for CEO Elon Musk. These movements reflect the ongoing volatility tied to mega-cap tech stocks, which continue to shape market sentiment.

Bitcoin, which had previously surged to a record high in mid-August, traded around $110,000 on September 5, showing limited response to the weaker jobs report. Analysts attributed this to market expectations having already priced in a Fed rate cut and to institutional profit-taking, which has kept upward momentum capped. Despite the Fed signaling a high probability of a 25 basis point rate cut, the market remains cautious about broader economic conditions, including sticky inflation and the potential impact of recent regulatory and macroeconomic developments on risk appetite.

Looking ahead, the continued dominance of these 10 tech stocks raises questions about the sustainability of the current rally. Historically, narrow leadership has led to periods of market correction when investor sentiment shifts. For crypto traders, the correlation with U.S. tech equities suggests that movements in these stocks could continue to influence digital asset prices. However, the lack of broader market participation means that any significant pullback in tech stocks could have a pronounced effect on both equities and cryptocurrencies. As investors await the Fed’s September decision, the performance of these key names will remain a focal point for gauging overall market direction.

Source: [1] 10 Tech Stocks Drove 59% of US Market Rally Since 2019 (https://blockchain.news/flashnews/10-tech-stocks-drove-59-of-us-market-rally-since-2019-narrow-breadth-heightens-spx-ndx-sensitivity-and-crypto-risk-sentiment-btc-eth) [2] Markets News, Sep. 5, 2025: Stocks Slip After Hitting New (https://www.investopedia.com/dow-jones-today-09052025-11804075) [3] Bitcoin stalls around $110000; Fed rate cut may not spark (https://www.theblock.co/post/369743/bitcoin-rate-cut-may-not-spark-rally) [4] Crypto Rally Falters as Trump Tokens, Stocks Come Under (https://finance.yahoo.com/news/crypto-rally-falters-trump-tokens-175554544.html) [5] Dogecoin Leads Altcoin Rally as XRP, Tron and Solana Rise (https://finance.yahoo.com/news/dogecoin-leads-altcoin-rally-xrp-030255384.html)