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Crypto Rebounds From Early Declines Alongside Reversal in U.S. Stocks
The major U.S. stock market averages tumbled about 2% to begin Wednesday following underwhelming economic data.
What to know:
- The crypto market bounced alongside stocks in U.S. afternoon hours Wednesday.
- Bitcoin narrowed its decline to just 0.4% and was trading at $94,700 shortly after the stock market close.
- Altcoins and crypto equities experienced more sizable falls, with notable losses in Hut 8 and Coinbase.
There was a bit of volatility in crypto on Wednesday, but most of the market continued the weeks' trend of trading in a very tight range.
Shortly after the close of the U.S. stock market, bitcoin (BTC) was changing hands at $94,700, down just 0.4% over the past 24 hours. BTC was lower by nearly 2% at one point alongside a sizable early decline in stocks.
STORY CONTINUES BELOW
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Hit harder during the early decline, altcoins also rebounded, but underperformed bitcoin The CoinDesk 20 slumped 2% in the last 24 hours, with litecoin (LTC), ripple (XRP), avalanche (AVAX) and chainlink (LINK) all dropping roughly 4%.
Crypto equities were modestly lower, but bitcoin miner Hut 8 (HUT) was a notable underperformer, falling 5.7%.
The major U.S. stock averages tumbled 2% or more early in the session following less than stellar economic news. They retook ground throughout the day though, with the S&P 500 closing slightly in the green and the Nasdaq dipping just 0.1%.
The continuing string of lame economic data, however, has not seemed to deter U.S. President Trump from his tariff policies.
“Somebody said all the shelves are going to be open,” Trump said early Wednesday. “Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally. … They have ships that are loaded up with stuff, much of which we don’t need.”
Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor's degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk's disclosure threshold of $1,000.
