Week in review: May 27 2022 – Major cryptos continue to consolidate!

Written by Robby Ramos
on May 30, 2022
Week in review: May 27 2022 - Major cryptos continue to consolidate!

In this week’s newsletter:

  • Major crypto assets continue to consolidate as the sideways trading pattern has now extended to two full weeks.
  • JPMorgan expects blockchain use in finance to increase as the crypto sector grows.
  • Andreessen Horowitz on Wednesday said it has raised $4.5 billion for its fourth and largest crypto fund.

Read our weekly round up below.

Market Updates by Robert Lynch | Head of Research and Strategy

Bitcoin and Ether chart points; China focus; Fed official on stablecoins

Robert Lynch – ALT 5 Sigma | May 26, 2022
Bitcoin (BTC) has breached support at $28,500 established by the series of lows since May 14. A sustained break would open scope back towards the spike low of $25,300 reached on May 12. The cluster of highs between $30,700 and $31,300 since May 14 to present look to be short-term resistance. Ether (ETH) has also breached short-term support at $1,900 today, putting it in closer proximity to its May 12 low of $1,700.

Read Robert’s reports here.

ALT 5 – Digital Assets Morning Call

Robert Lynch – ALT 5 Sigma | May 23-26, 2022
The Digital Assets Morning Call is a new segment by Robert Lynch, the Head of Research and Strategy at ALT 5 Sigma. This is a brief rundown of the latest developments impacting digital assets through a macro lens.

Read all this weeks articles here.

Crypto News From Around The World

JPMorgan Foresees Increased Blockchain Use in Finance — Prepares to Offer Related Service

Bitcoin.com | May 26, 2022
JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.”
JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday.

Andreessen Horowitz Raises $4.5 Billion Crypto Fund, the Largest of Its Kind

Bloomberg May 25, 2022
Andreessen Horowitz announced Wednesday that it has raised $4.5 bln for its fourth crypto currency fund. The firm has now raised $7.6 bln for digital asset investment. Importantly in the current dynamic, the announcement suggests that the recent pullback in major crypto asset prices has not discouraged the demand for longer term investors to get involved in the space.

Balenciaga to Start Accepting Cryptocurrency Payment from Now on

Prestige | May 27, 2022
Joining the list of luxury retailers like Gucci and Tag Heuer, Balenciaga will now accept major cryptocurrencies as official payment. According to a report by Women’s Wear Daily, the company stated, “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”

Market Wrap: Cryptos Down, Stocks Up; Altcoins Underperform

Coindesk | May 26, 2022
Most cryptocurrencies traded lower on Thursday, briefly decoupling from the rise in stock prices. Bitcoin (BTC) continued to struggle below $30,000 and is down by 2% over the past week.
The cryptocurrency has been stuck in a choppy trading range over the past two weeks, suggesting minor stabilization after a sharp sell-off earlier this month.
Meanwhile, the S&P 500 pared earlier losses, rising from oversold levels. Still, despite short-term variations, the 90-day correlation between bitcoin and stocks remains at an all-time high.

ALT 5 Sigma – Next-Generation Blockchain Powered Financial Platforms

ALT 5 Sigma has launched their new website with a new and professional look. ALT 5 offers 4 core product offerings that will elevate your business.

Click the links above to learn more about how ALT 5’s suite of crypto products can help your business.

Robby Ramos

Robby Ramos

Director of Digital Marketing | Bridging the gap between digital assets and financial institutions.