Assessing the Damage
May 19, 2022
• 9
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The question remains – wen[1] bottom?
Since the November highs, most of the downward pressure on crypto prices has been the product of macroeconomic headwinds. Inflation has yet to conclusively rollover, and the Fed appears intent on stifling demand to bring down the costs of consumer goods. Last week, we had the first instance this year of an idiosyncratic event specific to the crypto markets shaking investors and sending prices lower.
The collapse of UST, combined with the macro backdrop, has had a chilling effect on the overall sentiment among crypto native investors and has sent m...