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Bitcoin Holds Up as Tech Stocks Plunge, Ether Sinks a Day After ETF Launch
Solana's SOL and Ripple's XRP were notable outperformers.
Jul 24, 2024, 9:30 p.m.
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The Nasdaq and S&P 500 on Wednesday each suffered their worst declines since late 2022, but the price of bitcoin mostly held up, remaining around the $66,000 level where it was a day earlier.
The broad-market crypto benchmark CoinDesk 20 Index was also flat over the past 24 hours, with Solana's SOL and Ripple's XRP outperforming the broader market, advancing 3% to 4% over the same period. Avalanche {{AVAX}}, Uniswap {{UNI}} and Ethereum Classic {{ETC}} were lower by 3% to 4%.
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Ether's {{ETH}} price action disappointed investors despite a fairly successful spot ETF debut Tuesday, with ETH dipping as low as $3,300, an almost 4% decline over the past 24 hours. It also hit its weakest price in two months versus bitcoin.
"The real money interest was strong enough to deem the launch a marginal success, aligning with general expectations, but not yet strong enough to demand a repricing," analysts at crypto market maker Wintermute said. "This may come in subsequent sessions."
The moves came amid a drop in the U.S. stock market, with the Nasdaq plunging 3.6% and the S&P 500 slumping 2.1% amid disappointing earnings results from market bellwethers like Alphabet (GOOG) and Tesla (TSLA).
With ether ETFs launched, traders may shift their focus to an upcoming U.S. economic data release on Friday and Donald Trump's speech scheduled for Saturday at the Nashville Bitcoin conference.
Read more: Is Donald Trump Insulating Bitcoin’s Price From The Tech Stock Slide?
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Mike McGlone softens bitcoin downside target to $28,000 after backlash over $10,000 call
Market analysts said the extreme downside scenario risked influencing real capital flows, prompting a heated public debate over bitcoin’s macro outlook.
What to know:
- Bloomberg Intelligence analyst Mike McGlone has shifted his bitcoin downside target from $10,000 to about $28,000 after criticism that his earlier call was alarmist and risky for investors.
- McGlone now argues that $28,000 is a more probable level based on historical price distribution and maintains that his analysis shows why investors should avoid bitcoin and other risk assets.
- Critics including Jason Fernandes and Mati Greenspan say the revised $28,000 target is still unlikely or overly deterministic, warning that such stark forecasts can distort positioning and put real capital at risk in reflexive crypto markets.
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