Cryptocurrency Updates: Slight Declines on Wednesday

There was some fluctuation in cryptocurrency markets on Wednesday, but the overall trend of tight range trading persisted throughout the week.

After the U.S. stock market closed, bitcoin (BTC) traded at $94,700, reflecting a marginal drop of 0.4% over the previous 24 hours. At one stage, BTC had fallen almost 2% amid a notable dip in stock prices.

Altcoins faced greater impacts during early market declines but saw a recovery, albeit lagging behind bitcoin. The CoinDesk 20 index declined by 2% in the last day, with several altcoins like litecoin (LTC), ripple (XRP), avalanche (AVAX), and chainlink (LINK) experiencing approximately 4% drops.

Bitcoin-related stocks also slipped slightly, with miner Hut 8 (HUT) notably underperforming, down by 5.7%.

U.S. major stock indices dropped by 2% or more earlier in the day in response to disappointing economic indicators but managed to recoup some losses, with the S&P 500 finishing slightly positive and the Nasdaq ending down just 0.1%.

Despite the persistent negative economic reports, U.S. President Trump has maintained his approach to tariffs, suggesting that supply chain issues will not significantly alter consumer choices.

During a press briefing on Wednesday, Trump commented, “Someone mentioned that shelves will be fully stocked. Perhaps children will have only two dolls instead of thirty, and those dolls might cost a bit more. There are ships filled with items, many of which we may not necessarily need.”