AAPL drops 0.7% after bitcoin gains 0.8% – AAPL news
AAPL has suffered its worst-ever trading day after the bitcoin price hit a new all-time high, according to data from Axios.
The stock dropped by 0.2% to $1,271.80, the biggest drop since October 31, 2016.
AAPL is down more than 6% since it opened on Friday, according at least three sources close to the company.
Bitcoin surged more than $3,000 to $13,085.80 on Friday.
Investors have seen a big fall in the value of bitcoin after China suspended all trading on the digital currency and warned investors against buying it.
The move by the Chinese central bank on Friday came after a week of volatility in bitcoin, which was trading at around $13 an ounce on Friday after hitting a record high of $1.2, up from a low of $13.27.
The central bank’s move came after the central bank last week said it would take further action against bitcoin, but has not released a formal list of the bitcoin exchanges that would be subject to sanctions.AAPC stocks are down around 11% in the past year, but have risen more than 7% since 2016.