Risk aversion dominated markets on Friday as stocks slumped on Wall Street and in Europe, oil prices fell from seven-year highs earlier in the week and bond prices surged with traders scurrying for the relative safety of government debt. Poor subscriber growth reported late Thursday at Netflix Inc sent its shares plunging 21.8% and cast a pall over a market already shaken by concerns the Federal Reserve will tighten monetary policy too aggressively to fight inflation.
Bitcoin (BTC) and other cryptos were in sell-off mode on Friday, posting declines more than 10% over the past 24 hours. Altcoins such as ETH, AVAX and FTM led the way lower as investors reduced risk. Analysts expect some stabilization, although there is risk of further declines.
The software firm said in a filing it would revise its future reports to reflect the SEC’s concerns.