Markets are factoring in downside risks to economic growth Crypto industry may already be through much of its recession Longer term strategies may start to see value in lower crypto valuations There are two broad driving forces in the crypto

Locked collateral and margin calls add to selling pressure in crypto Ether underperforms given its use in defi protocols Crypto market capitalization drops below $1 trln The combination of a more difficult macro backdrop and the crypto-specific pressures stemming from

Reduced correlation between crypto and risk assets may be temporary The driving force of the global liquidity drain remains in place New US legislation on digital assets holds promise More on the inclusion of crypto in US 401(k) retirement savings

Ether underperforms bitcoin Macro focus shifts from inflation to growth Push back against US Labor Department guidance on crypto in 401k plans The relative stasis in major crypto asset prices in the past three weeks has seen bitcoin and ether

Traditional risk assets underperform crypto in the short term MicroStrategy is keeping its bitcoin holdings Regulators have stepped up scrutiny and public engagement since Terra/LUNA collapse As the market focus has evolved from high inflation, to central bank tightening and

Crypto stresses start with the same macro backdrop pressuring risk assets… …leaving digital assets more exposed to crypto-specific developments Stablecoin losses have implications for regulation, valuation, and critical analysis Dramatic declines in digital assets this week, including major and alt

Crypto assets remain subject to swings in risk appetite Bitcoin-inflation correlations are low… … but that understates the importance of inflation as a driver of crypto prices and risk assets The great liquidity drain Crypto assets have been caught in

Bitcoin price consolidation sees volatility decline US dollar rises to multi-year highs, presenting risks to crypto assets The FOMC meeting and US jobs data highlight the coming week’s events Major crypto assets continue to consolidate around the fairly narrow ranges

Crypto prices pull back again after Fed officials suggest even more aggressive tightening Bitcoin’s trading in the last Fed tightening cycle offers some clues to the present China developments may be out of the headlines but still has implications for

Major crypto assets attempt to stabilize along with equities and bond yields Macro factors continue to dominate crypto trading Covid lockdowns pressure China’s economy; look for a policy response Major crypto assets were attempting to stabilize heading into the long