The major U.S. stock market averages were reported to have dropped about 2% at the start of Wednesday, following disappointing economic data.
A bit of volatility was observed in crypto on Wednesday, but most of the market continued to follow the week’s trend of trading within a narrow range.
Shortly after the close of the U.S. stock market, bitcoin (BTC) was being traded at $94,700, showing a decrease of only 0.4% over the past 24 hours. At one point, BTC had dropped nearly 2% alongside a significant early decline in stocks.
Altcoins, which were hit harder during the early decline, also rebounded but underperformed 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 were slightly down, but bitcoin miner Hut 8 (HUT) was notably underperformed, with a drop of 5.7%.
A 2% or more drop was experienced by the major U.S. stock averages early in the session after less-than-expected economic data. However, ground was regained throughout the day, with the S&P 500 closing slightly positive and the Nasdaq dipping 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.”
