David Marcus, the former head of Meta’s cryptocurrency division and the soul of the Diem project, recently launched a startup that will focus on the development of the Lightning Network and expanding the use of Bitcoin. The new company, called Lightspark, has already received support from several well-known institutions in the industry. These include a16z, Tenda Capital and Matrix Partners.
The past few days have been very rough for the cryptocurrency market. The massive decoupling of UST from the US dollar and the rapid collapse of LUNA’s market capitalization put enormous pressure on the already negative market sentiment. However, the market has also shown great resilience in the face of adversity, as investors look to regroup their portfolios to catch the “flying knives.”
As a result, BTC experienced a subdued rally after falling below $26,000 on Thursday. At the time of writing, the largest cryptocurrency by market cap is back above psychological support at $30,000 after gaining 14% in the past 24 hours. A break above resistance in the $30,000-$35,000 area is now crucial as this could lead to a stronger upward momentum for BTC. Conversely, failing to gain a foothold above the aforementioned resistance levels, BTC could also retest support in the $26,000-$27,500 area. In a good sign, several on-chain metrics show that BTC miners have remained calm and restrained during this period of panic selling and have so far not added selling pressure to the market.
Similar to BTC, ETH managed to regain the $2,000 mark after gaining 15.6% over the same period. Most major altcoins are also struggling to get out of the rough patch, with ADA leading the recovery with a whopping 42% gain over the past day. Many other non-mainstream coins have also managed to post double-digit gains over the same period.
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April 24, 2024
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