ETHER SET FOR BIGGEST DAILY FALL IN THREE MONTHS, NO US ETF BOUNCE

Thu 25 July 2024:

Cryptocurrency ether dropped as much as 7% on Thursday as it got caught up in the broad market sell-off and failed to get a lift from this week’s launch of the first U.S. exchange traded funds tracking the currency.

The world’s second largest cryptocurrency was last down 6% at $3,170 in what would be its biggest daily percentage fall in three months, leaving it broadly in the middle of its recent trading range.

Bitcoin was 3% lower at $63,930.

The first U.S. ETFs tied to the price of ether began trading on Tuesday, but have failed to generate the bounce in the price that spot bitcoin ETFs created in bitcoin earlier in the year.

Instead, broader macro trends have taken hold. Shares around the world have tumbled in recent weeks, particularly tech stocks, and other ‘risk assets’ which often move in line with crypto currencies.

The Nasdaq on Wednesday, lost almost 4% – the worst one-day fall since 2022 – as lacklustre Alphabet and Tesla earnings undermined investor confidence in the already lofty valuations of the “Magnificent Seven” stocks.

Shares in crypto-related stocks such as miners fell in Thursday’s premarket, with exchange Coinbase down 2.3%, Riot Platforms and Marathon Digital down 3.4-4%.

NEWS AGENCIES

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