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- Bitcoin and XRP show resilience amid the tech stock rout, maintaining or gaining value.
- Ether slides nearly 4% post-ETF launch, underperforming against Bitcoin and other major cryptocurrencies.
In line with the CNF earlier report on Ethereum ETF Launch: Bloomberg’s Bold Prediction: $4 Billion Expected Inflows for Bitcoin ETF Launch, on Wednesday, both the Nasdaq and S&P 500 experienced their largest drops since late 2022, with the Nasdaq falling 3.6% and the S&P 500 decreasing by 2.1%.
Despite the stock market downturn, Bitcoin’s price remained steady around $66,000. However, according to Today’s Coin Market Cap, BTC is trading slightly down to $64,262 after decreasing by 2.25% in the past day and 0.65% in the past week. See BTC Price Chart below.
No coins selectedAs for other crypto market performances, it is reported that among major cryptocurrencies, Solana (SOL) and Ripple (XRP) saw gains of 3% to 4%, while Avalanche (AVAX), Uniswap (UNI), and Ethereum Classic (ETC) saw declines of 3% to 4%.
Probably, the negative side of the ETF launch is Ether’s disappointing performance. Ether (ETH) dropped to $3,300, nearly a 4% decrease in 24 hours, marking its lowest value against Bitcoin in two months. Despite a relatively successful debut of the spot ETF, the impact on Ether’s price was minimal.
However, our previous coverage highlighted that analysts suggest that while the ETF launch was a positive step, it didn’t drive significant changes in Ether’s price. Traders are now focused on upcoming U.S. economic data and Donald Trump’s scheduled speech at the Nashville Bitcoin conference.
