Bitcoin, Ethereum, XRP Fall as Cryptos Unwind Gains. Blame Nvidia. — Barrons.com
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By Alex Kozul-Wright
The price of Bitcoin, which has whipsawed over the past 24 hours, fell early Friday. Major cryptocurrencies staged a mini revival earlier in the week, but have since pared back some of those gains.
The world's largest cryptocurrency fell 0.6% to $68,034 early Friday, according to CoinDesk data. Ethereum, the second largest digital token, and popular alt-coin XRP also dropped — they were down 0.5% and 1.1%, respectively.
Crypto-related stocks were caught in the crossfire, too. Robinhood, a digital asset brokerage, fell 1.3%, while Strategy — the largest corporate holder of Bitcoin — fell 0.8%.
The likely culprit was a selloff in tech stocks — the Nasdaq composite index tumbled Thursday after Nvidia's post-earnings gains quickly flipped into a fall.
Nvidia's "results themselves included revenue up +73% on the previous year, with a Q1 outlook that beat estimates," said Deutsche Bank strategist Jim Reid.
"However, the positive earnings surprises weren't on the scale of what markets got used to in 2023-24, and arrived amid growing skepticism about the AI trade in general," he added.
Question marks over the sustainability of AI investing have been a drag for other risk-on assets such as cryptocurrencies.
For now, Wall Street looks stuck searching for a catalyst to push the S&P 500 out of a monthslong sideways range. Cryptocurrencies could well be hitched onto the same ride.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
source: https://www.tradingview.com/news/DJN_DN20260227002252:0/
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