Blockchain
Bitcoin (BTC) Price Surpasses Expectations as Nasdaq Tumbles and ETH Sinks After Spot ETF Debut
The Nasdaq and S&P 500 both suffered their biggest declines since late 2022 on Wednesday, but the price of bitcoin (BTC) held up mostly, hovering around the $66,000 level it was at the day before.
The Cryptocurrency Benchmark for the Broad Market CoinDesk Index 20 remained stable in the last 24 hours, with Solana SOL and Ripple Exchange rate risk outperforming the broader market, advancing 3% to 4% over the same period. Avalanche (AVAX-A)Identity swap (UNI) and Ethereum Classic (ETC) were 3%-4% lower.
Ether (ETH) The price performance disappointed investors despite a fairly successful spot ETF debut On Tuesday, ETH dropped as low as $3,300, a nearly 4% decline in the last 24 hours. It also hit its lowest price in two months against bitcoin.
“Real interest in the money has been strong enough to consider the launch a marginal success, in line with general expectations, but not yet strong enough to warrant a repricing,” analysts at crypto market maker Wintermute said. “This could happen in later sessions.”
The moves came amid a decline in the U.S. stock market, with the Nasdaq down 3.6% and the S&P 500 down 2.1%, following disappointing earnings results from market leaders such as Alphabet (GOOG) and Tesla (TSLA).
With the launch of ether ETFs, traders may shift their attention to the upcoming release of U.S. economic data on Friday and Donald Trump’s speech at the Nashville Bitcoin conference on Saturday.