Key Points:

• The cryptocurrency market saw a rebound paralleling the U.S. stock market’s recovery in the afternoon.
• Bitcoin’s decline was limited to 0.4%, trading at approximately $94,700 after the stock market closed.
• Altcoins and crypto equities witnessed more significant downturns, particularly Hut 8 and Coinbase.

Market Overview

On Wednesday, the cryptocurrency market exhibited some volatility; however, it largely continued its trend of trading within a narrow range throughout the week. After the U.S. stock market closed, Bitcoin (BTC) was valued at $94,700, reflecting a slight decrease of 0.4% over the previous 24 hours, having dipped nearly 2% at one point of the early trading session.

Altcoins experienced greater drops, notably during the initial decline. The CoinDesk 20 index fell by 2% in the last 24 hours, with litecoin (LTC), ripple (XRP), avalanche (AVAX), and chainlink (LINK) each losing roughly 4%.

In the equities market, bitcoin mining firm Hut 8 (HUT) stood out as a significant underperformer, down 5.7%, even as overall crypto equities fell mildly.

The main U.S. stock averages fell by 2% early Wednesday, influenced by unsatisfactory economic data. Nevertheless, by day’s end, the S&P 500 managed to close slightly above break-even, with the Nasdaq seeing a minor decline of only 0.1%.

Despite ongoing dismal economic reports, U.S. President Trump very much seems to be sticking with his tariff strategies. “Somebody said all the shelves are going to be open,” he remarked 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.”