The S&P 500 and Nasdaq see substantial losses on the day as Fed-induced gains evaporate.
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 openData 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.The move came courtesy of highly-correlated U.S. 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 All Streets (@scottmelker) May 5, 2022
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