Markets Sway on Weak Data, Bitcoin Holds Steady Amid Stock Recovery
U.S. stock indexes opened sharply lower on Wednesday, each tumbling more than 2% amid another round of disappointing economic figures.
While crypto markets saw brief volatility in the early hours, digital assets mostly continued their recent pattern of range-bound trading. By the close of U.S. markets, bitcoin (BTC) was trading at approximately $94,700, down just 0.4% over the past 24 hours. Earlier in the day, BTC had dropped nearly 2% as equities fell sharply.
Altcoins, which sold off more aggressively during the initial dip, staged partial rebounds but still lagged behind bitcoin. The CoinDesk 20 index dropped 2% over the day, with notable names like litecoin (LTC), ripple (XRP), avalanche (AVAX), and chainlink (LINK) each sliding around 4%.
Crypto-related equities edged lower, with bitcoin miner Hut 8 (HUT) standing out as a significant laggard, losing 5.7%.
Despite the morning downturn, traditional equity markets showed resilience as the session progressed. The S&P 500 clawed back to finish slightly positive, while the Nasdaq narrowed losses to end just 0.1% lower.
The disappointing data has not prompted any apparent shift in policy from President Trump, who remains steadfast on implementing tariffs.
“People are saying shelves will be empty,” Trump commented Wednesday morning. “Maybe kids will get two dolls instead of thirty—and those dolls might cost a few bucks more. But a lot of that cargo is full of things we don’t actually need.”
