Bitcoin falls toward $38K as stocks abandon Fed’ reactionary rally’

Bitcoin falls toward $38K as stocks abandon Fed’ reactionary rally’


Bitcoin (BTC) lost almost $1,000 in the first hour of Wall Street trading on May 5 as a brief rally ended in disappointment.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNasdaq drops 4% on post-Fed open

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it returned to $38,130 on Bitstamp almost 24 hours after reaching weekly highs of $40,050.

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The move came courtesy of highly correlated United States stock markets, which opened with volatility after posting their own short-lived gains following comments from the Federal Reserve on May 4.

At the time of writing, the S&P 500 traded down 3%, while the Nasdaq 100 was down 4.1%, all within the first hour of trading.

Ah, stocks dumping after one day reactionary rally.

Tale as old as time.

— The Wolf Of

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