The major U.S. stock market averages dropped about 2% at the start of Wednesday, following disappointing economic data.
Crypto showed some volatility on Wednesday, but most of the market continued the week’s trend by trading within a narrow range.
Shortly after the U.S. stock market closed, traders were exchanging bitcoin (BTC) at $94,700, reflecting a modest 0.4% decrease over the past 24 hours. At one point, BTC had dropped nearly 2% alongside a significant early decline in stocks.
Altcoins took a heavier hit during the early decline but later rebounded, although they still underperformed compared to bitcoin. The 20 dropped by 2% in the past 24 hours, with litecoin (LTC), ripple (XRP), avalanche (AVAX), and chainlink (LINK) all experiencing a decline of approximately 4%.
Crypto equities declined slightly, and bitcoin miner Hut 8 (HUT) notably underperformed, falling by 5.7%.
Major U.S. stock averages dropped over 2% early in the session following weaker-than-expected economic data. However, they regained ground throughout the day, with the S&P 500 closing slightly higher and the Nasdaq slipping just 0.1%.
The ongoing stream of weak economic data, however, does not appear to have deterred U.S. President Trump from continuing his tariff policies.
“It was said that all the shelves would be opened,” Trump stated early Wednesday. “Well, perhaps the children will have two dolls instead of thirty, and maybe those two dolls will cost a few more dollars than usual… Ships are loaded with goods, much of which is not needed.”
