In Could, (BTC) recorded its first month-to-month loss since December 2022 with a detrimental of 6.98%. Nonetheless, this consolidation was clearly not pushed by a change in fundamentals or the broader macroeconomic atmosphere. The crypto market was on the lookout for path and liquidity on this section earlier than the US Federal Reserve introduced a pause within the price hike cycle in June.
Many indicators, such because the futures market and enterprise capital investments, level to optimistic underlying sentiment. However whereas conventional markets and tech shares have been capable of proceed their rally in Could, the precise worth motion within the crypto market remained suppressed and took some time to emerge from its woodwork.
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