Bitcoin, XRP Prices Fall. What Could Drive Cryptos Higher.
April 9, 2025
Bitcoin, XRP and other cryptocurrencies edged down early Wednesday as the market turmoil continued.
Bitcoin, the largest crypto by market value, is down 2.1% to $77,800 over the past 24 hours, according to CoinDesk data. It dropped to $74,649 overnight but has gradually climbed back up again.
XRP, the digital coin used to facilitate and settle transactions on Ripple’s payment platform, also fell 2.1% to last trade at $1.83. Ether was down 5.6% to $1,483.
Cryptocurrencies, and Bitcoin in particular, have largely moved in line with equities markets during the market upheaval since President Donald Trump on April 2 announced he would implement sweeping tariffs. China has since responded with levies of its own, which further deepened the global selloff.
However, if macro conditions improve and it looks like the U.S. can avoid a recession, that could ignite cryptos. Signs that the Federal Reserve will pick up the interest rate cutting cycle could also give cryptocurrencies a boost since it tends to drive investors toward higher-yield, riskier assets like cryptos. The Fed next meets on May 6-7.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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