Crypto Market Declines Amid Nvidia Earnings Disappointment; APT and LTC Defy Trend
Losses in the cryptocurrency market mirrored those in U.S. equities after tech giant Nvidia’s earnings report failed to impress investors, contributing to broader risk-off sentiment.
Ethereum (ETH) extended its decline, dropping 7% in the past 24 hours as the ongoing sell-off showed no signs of slowing. Meanwhile, Bitcoin (BTC) traded between $89,000 and $82,500 during U.S. market hours on Wednesday, staging a modest recovery to just above $86,000 in early Asian trading. The broader market, tracked by the CoinDesk 20 (CD20) index, fell over 3%.
Among major altcoins, XRP, BNB (BNB Chain), Cardano (ADA), and Dogecoin (DOGE) declined as much as 4%, with bullish positions in futures markets suffering over $600 million in liquidations.
However, Litecoin (LTC) and Aptos (APT) defied the downturn, rising over 10% each. APT’s gains followed the registration of a “BITWISE APTOS ETF” in Delaware, while rumors of a potential Litecoin ETF added fuel to LTC’s rally. Despite this, market sentiment around Litecoin remains cautious.
“It’s unlikely that institutional investors would have long-term conviction in a Bitcoin clone, as it offers no yield, utility, or organic demand outside of ETF approval speculation,” said Ben Yorke, VP of Ecosystem at WOO, in a message to CoinDesk.
“This would likely be a ‘sell the news’ event, as investors rotate into more topical trends and upcoming ETF narratives,” Yorke added.
Macro Factors Add Pressure
Broader market losses coincided with Nvidia’s underwhelming earnings report, which dampened sentiment across risk assets.
Additionally, a New York Fed report revealed that President Donald Trump’s latest tariffs on Chinese imports are having a greater economic impact than anticipated, with trade data highlighting discrepancies between reported U.S. imports from China and actual figures.
What’s Next for Bitcoin?
Investors are now looking for macroeconomic signals that could trigger a Bitcoin rebound. However, analysts remain cautious.
“The Fed is not a key player at this stage, as rate cuts will likely be limited due to persistent inflation,” said Chris Yu, Co-Founder and CEO of SignalPlus, in a Telegram message to CoinDesk.
“The aggressive U.S. administration will continue to prioritize geopolitical tensions, while crypto-friendly regulations could take time to materialize. Meanwhile, falling BTC volatility alongside declining prices suggests that speculative interest in higher prices is fading,” Yu added.
With Bitcoin struggling to find solid footing and macro uncertainties persisting, traders remain on edge, watching for the next catalyst to determine the market’s direction.
