Crypto Markets Sink as Nvidia Earnings Disappoint; APT Rallies on ETF Speculation

The cryptocurrency market suffered another blow as weaker-than-expected earnings from Nvidia failed to boost investor confidence, leading to a broad sell-off in both digital assets and U.S. equities.

Ethereum (ETH) plunged 7% in the past 24 hours, extending its losing streak, while Bitcoin (BTC) fluctuated between $89,000 and $82,500 on Wednesday before rebounding to $86,000 during early Asian trading. The broader CoinDesk 20 (CD20) index slid more than 3%, reflecting persistent weakness in risk assets.

Among major altcoins, XRP, BNB, Cardano (ADA), and Dogecoin (DOGE) dropped up to 4%, triggering over $600 million in liquidations from bullish futures traders.

Despite the broader downturn, Litecoin (LTC) and Aptos (APT) defied the trend, each gaining over 10%. APT surged following the registration of a “BITWISE APTOS ETF” in Delaware, while speculation surrounding a potential Litecoin ETF fueled LTC’s rally.

However, analysts remain cautious about Litecoin’s upside potential.

“LTC lacks a compelling narrative beyond ETF speculation. Without organic demand or unique utility, institutional investors may view it as a short-term trade rather than a long-term investment,” said Ben Yorke, VP of Ecosystem at WOO, in a Telegram message to CoinDesk.

“If an ETF is approved, it’s likely to become a ‘sell the news’ event rather than a sustained rally,” Yorke added.

Macro Pressures Continue to Weigh on Crypto

Broader economic factors added to crypto’s struggles. A New York Fed report highlighted the unexpected economic strain from President Donald Trump’s latest tariffs on Chinese imports, with inconsistencies emerging in trade data reported by both countries.

Bitcoin Faces Key Test as Traders Look for Stability

Amid the turbulence, market participants are searching for signs of a potential Bitcoin recovery, but some experts warn that downside risks remain elevated.

“The Fed is unlikely to provide relief anytime soon, as inflation remains a concern and rate cuts appear limited,” said Chris Yu, Co-Founder and CEO of SignalPlus, in a message to CoinDesk.

“With geopolitical tensions escalating and crypto-friendly policies still in the early stages, traders are losing confidence. The fact that BTC volatility is falling alongside price declines is a worrying signal that speculative interest is drying up,” Yu added.

For now, Bitcoin is hovering at a crucial support zone, and investors remain on edge, awaiting the next major catalyst that could dictate the market’s direction.