Bitcoin and XRP Resilient Amid Tech Stock Rout; Ether Slides After ETF Launch

On Jul 25, 2024

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.

As 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.