Traditional Assets Outperform BTC; Founders of a16z and Solana to Back New Crypto Fund
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Chart of the Day
After a promising start to the week, the broader crypto market took a beating on Wednesday as investors started to adopt increasingly risk-off and defensive strategies to navigate the growing macroeconomic uncertainties. As a result, BTC took a plunge to the $38k handle, wiping out all the gains it made on the back of the bullish news that BTC is now included as a viable investment option in retirement plans. As of the time of writing, the largest cryptocurrency by market cap is consolidating its losses above the $38k level (its lowest mark since early March of this year) after plunging by 5.3% in the last 24 hours. Currently, BTC's upside gains are likely capped at the $39.2k level, while there is also a chance that it may further correct to the $36.2k to $37.5k region.