Tech
Bitcoin, XRP Resilient Amid Tech Stock Plunge; Ether Slips After ETF Launch
- Bitcoin and XRP show resilience despite tech stocks crash, holding or gaining value.
- Ether slides nearly 4% after ETF launch, lagging behind Bitcoin and other major cryptocurrencies.
In line with the previous CNF relationship on Ethereum ETF launch: Bloomberg’s bold prediction: $4 billion inflows expected for Bitcoin ETF launch Both the Nasdaq and S&P 500 posted their biggest declines since late 2022 on Wednesday, with the Nasdaq down 3.6% and the S&P 500 down 2.1%.
Despite the stock market downturn, Bitcoin price has remained stable around $66,000. However, according to today’s Coin Market Cap, BTC is slightly down at $64,262 after having decreased by 2.25% in the past day and 0.65% in the past week. See the BTC price chart below.
As for other cryptocurrency markets showsIt is noted that among the major cryptocurrencies, Solana (SOL) and Ripple (XRP) have seen gains of 3% to 4%, while Avalanche (AVAX), Uniswap (UNI) and Ethereum Classic (ETC) have seen declines of 3% to 4%.
Probably the downside of the ETF Launch It’s Ether’s disappointing performance. Ether (ETH) has fallen to $3,300, nearly a 4% decline in 24 hours, marking its lowest value against Bitcoin in two months. Despite a relatively successful debut for the spot ETF, the impact on Ether’s price has been minimal.
However, our previous cover highlighted that analysts suggest that while the ETF launch was a positive step, it did not lead to significant changes in the price of Ether. Traders are now focused on upcoming US economic data and Donald Trump’s scheduled speech at the Nashville Bitcoin conference.
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