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

Apr 26, 2024
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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CRYPTO MARKET UPDATETODAY, WE ARE SEEING SOME MINOR CONSOLIDATION IN THE CRYPTO MARKET COINCIDING WITH THE SLIGHT BOUNCE IN THE RATES AND DXY 0.00% . BTC 2.36% is trading just north of $65k, while ETHBTC continues to struggle, with ETH 2.19% moving lower for the 5th consecutive day and still trading below the $3k mark. Despite the market consolidation, SOLBTC is still green on the day as SOL 6.28% works to regain the $160 level....

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