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Technicals Suggest Another Leg Higher in BTC Dominance, ConsenSys Sues the SEC

Apr 26, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update Major equity indices are rallying on the back of solid earnings, with both the $SPX and $QQQ up over 1%. Meanwhile, crypto markets are churning lower, which is understandable as we should not expect crypto to rally alongside equities during an earnings-driven market. Crypto remains an apparently undecided market ahead of next week's FOMC meeting and the Quarterly Refunding Announcement (QRA), evidenced by another day of ETF outflows and a persistent discount on Coinbase. Fears over a hot Core PCE were quelled with today’s report, which showed a 0.3% monthly growth—aligned with analyst expectations and likely below market expectations following yesterday’s GDP print. Naturally, yields are moving lower on the day, but the #DXY is maintaining its strength, likely attributable to the Bank of Japan's reluctance to hike rates yesterday evening. #BTC has fallen to $63.5K, while #ETH, currently trading just over $3,100, is down slightly less on a relative basis following the Consensys lawsuit yesterday. #SOL has dropped to $142. Among the top 50 coins, the "dino coins" appear to be holding up the best, with #LTC and #ETC both up approximately 3%.Source: Farside Investors, FundstratEthereum developer ConsenSys has filed a lawsuit against the SEC, challenging the regul

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