The Nasdaq and S&P 500 experienced significant declines on Wednesday, marking their worst performance since late 2022. However, the price of bitcoin (BTC) managed to hold steady, staying around the $66,000 mark compared to the previous day. The overall cryptocurrency market, as measured by the CoinDesk 20 Index, remained relatively flat in the past 24 hours. Some standout performers included Solana’s SOL and Ripple’s XRP, which saw gains of 3% to 4%, outperforming the market as a whole. On the other hand, Avalanche (AVAX), Uniswap (UNI), and Ethereum Classic (ETC) saw declines of 3% to 4%.
Despite a successful spot ETF launch for Ether (ETH) on Tuesday, the price of ETH disappointed investors by dropping to as low as $3,300, marking an almost 4% decline over the past 24 hours. Additionally, ETH hit its lowest price in two months compared to bitcoin. Analysts at crypto market maker Wintermute noted that while the ETF launch was considered a marginal success, the real impact may be seen in future trading sessions.
The market movements coincide with a downturn in the U.S. stock market, with the Nasdaq falling by 3.6% and the S&P 500 dropping by 2.1%, following disappointing earnings reports from companies like Alphabet (GOOG) and Tesla (TSLA). Looking ahead, traders might shift their focus to upcoming U.S. economic data set to be released on Friday, as well as the speech scheduled by Donald Trump at the Nashville Bitcoin conference on Saturday.
In other news, CoinDesk, the media outlet covering the cryptocurrency industry, recently underwent updates to its privacy policy, terms of use, and other related policies. The acquisition of CoinDesk by the Bullish group, which owns a regulated digital assets exchange, has strengthened its position in the industry. It’s important to note that CoinDesk operates independently with an editorial committee to maintain journalistic integrity. Employees, including journalists, may receive compensation options in the Bullish group as part of their remuneration package.