On Thursday, stocks erased all of the gains from Wednesday’s rally.
The main cryptocurrency market fell in tandem with traditional assets amid fears that the Federal Reserve’s aggressive stance against inflation will trigger a broader market downturn.
Against this backdrop, BTC has lost 7.8% in the past 24 hours, falling below several key support levels in a row.
It was the biggest intraday drop for BTC since January of this year.
At the time of writing, the largest cryptocurrency by market cap is consolidating above the $36,000 mark, while facing upside resistance at $36,500.
Failure to clear this resistance could trigger a further downside correction for BTC and a test of support in the $34,000-$35,500 area.
Weakening spot prices, coupled with the impact of Fed rate hikes, have created a whirlwind in futures markets.
During Wednesday’s rally, more than 26,500 BTC in open interest was added to the market as sentiment heated up.
However, Wednesday’s rally was followed by a massive sell-off, after which most of those open positions have now been closed.
Similar to BTC, ETH’s market cap is now back below $2,800 after losing 6.5% overnight.
Most major non-major currencies were also in deep losses, with previous top performers NEAR and ATOM leading losses with double-digit percentage losses over the 24-hour period.
Bluesky releases its first batch of code
Elon Musk’s plan to take control of Twitter has reignited public interest in the decentralized social networking platform.
Bluesky is a Twitter-backed project that will operate independently regardless of the outcome of the planned acquisition.
To date, Bluesky has been delivering on its promise to develop “an open and decentralized social media standard.”
On Wednesday, Bluesky released its first batch of code, taking another step forward.
This release of the code, known as the Authentication Data Experiment (ADX), will kick off a semi-public development process that will help Bluesky iterate to its final form.
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Comment by Hans
April 24, 2024
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