On Wednesday, the Nasdaq and S&P 500 experienced their steepest drops since late 2022, but bitcoin {{BTC}} remained resilient, staying near the $66,000 mark from the previous day.
The CoinDesk 20 Index, a broad-market crypto benchmark, also showed little movement over the past 24 hours. Solana‘s SOL and Ripple‘s XRP outperformed the broader market, each gaining 3% to 4%. Conversely, Avalanche {{AVAX}}, Uniswap {{UNI}}, and Ethereum Classic {{ETC}} saw declines of 3% to 4%.
Ether’s {{ETH}} performance fell short of investor expectations despite a relatively successful spot ETF debut on Tuesday. ETH dropped to around $3,300, marking nearly a 4% decline over the past 24 hours and reaching its lowest price against bitcoin in two months.
Analysts at crypto market maker Wintermute commented on the ETF launch, noting, “The real money interest was strong enough to deem the launch a marginal success, aligning with general expectations, but not yet strong enough to demand a repricing. This may come in subsequent sessions.”
The crypto market movements occurred against the backdrop of a significant downturn in the U.S. stock market. The Nasdaq plunged by 3.6%, and the S&P 500 fell by 2.1%, influenced by disappointing earnings results from major companies like Alphabet (GOOG) and Tesla (TSLA).
With the launch of ether ETFs now behind, traders are likely to shift their attention to upcoming U.S. economic data due for release on Friday and Donald Trump’s scheduled speech at the Nashville Bitcoin conference on Saturday.
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