In this week’s newsletter:
- Crypto assets remain subject to swings in risk appetite.
- The ups and downs of crypto institutional adoption.
- The price of bitcoin climbed about 6% Wednesday after the Federal Reserve raised rates by half a point.
Read our weekly round up below.
Market Updates by Robert Lynch | Head of Research and Strategy
Market Update: Inflation Disrupts Markets and Crypto Correlations
Robert Lynch – ALT 5 Sigma | May 6, 2022
Crypto assets have been caught in the vortex of broader financial market declines as the interpretation of the Federal Reserve’s policy change and guidance this past week instigated renewed selling. There are at least two elements of the Fed outcome—and outlook—that have implications for crypto assets.
ALT 5 – Digital Assets Morning Call
Robert Lynch – ALT 5 Sigma | May 2-5, 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.
Crypto News From Around The World
Bitcoin Jumps To $40,000 After Fed Chair Powell Rules Out Bigger Rate Hikes
CNBC | May 4, 2022
The price of bitcoin climbed about 6% Wednesday after the Federal Reserve raised rates by half a point —the biggest hike in about 20 years — as expected. Bitcoin began climbing ahead of the end of the Federal Open Market Committee’s meeting. The half-point hike was widely expected by many. Its surge accelerated after Fed Chair Jerome Powell ruled out the possibility of a 75-basis-point increase.
Bitcoin, Ethereum Technical Analysis: BTC Falls to 2-Month Low Following the Latest NFP Report
Bitcoin.com | May 6, 2022
Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH also fell on the news, hitting a six-week low.
Ethereum Hits 3-Week High vs. Bitcoin Amid Fed-led Market Rout
CoinTelegraph | May 6, 2022
Ethereum’s native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH/BTC pair hitting a three-week high.
Crypto’s Growing Legitimacy Drives Potential For Investors
Forbes | May 5, 2022
There is no doubt that the crypto market’s growth rate is expanding—it rose from $1 trillion to $2 trillion this past year after taking 12 years to initially hit $1 trillion. Around the world, countries continue to show interest in bitcoin as a legal tender and a reserve currency. As of last year, bitcoin is now legal tender in El Salvador, and local governments from New York City to Miami are embracing the digital asset.
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