After a very rocky month of trading, the cryptocurrency market ended May on a high note. Nevertheless, the crypto market environment will likely remain challenging in June.
Cryptocurrency prices have been under major pressure since the beginning of 2022 as investors rotate out of risk assets like technology stocks. Market participants have become increasingly concerned that the Federal Reserve will be unable to curb persistently high inflation without pushing the U.S. economy into a recession.
The minutes from the Federal Open Market Committee’s (FOMC) May meeting suggest the Fed is prepared to deliver multiple 50 basis point (bps) interest rate hikes in coming months. That suggests the risk-off market sentiment will continue in June.
May Crypto Performance
Bitcoin (BTC) prices dropped more than 20% in May to finish the month below $33,000.
Ethereum (ETH) prices dropped more than 30%, closing out the month below $2,000 ahead of the planned Ethereum 2.0 transition from a proof of...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...