Monday blues
3 min read

Monday blues

Cryptic ball: just a Monday in May.

As expected, the weekend was peaceful. Bitcoin even tested $31.5k this Sunday! Unfortunately for bulls, it's back around $29.5k after US stocks started the week in the red. So far, things look stable, but what's the outlook for the week ahead?

  • US stocks have been losing value for the past five weeks. While this doesn't look like a bottom (for stocks), it's likely we have some peace after such a prolonged carnage - especially as there's no major US data set released over the next days.
  • However, Jerome Powell is speaking this Tuesday at a WSJ conference around 6pm UTC, so we can expect some fireworks as traders try to interpret what the chair of the US Federal Reserve really wants to do to tame inflation.
  • Apart from that, there's no anticipated risk event this week. So, with crypto in recovery mode after last Monday's UST implosion, I'm expecting all markets to be fairly boring, at least until June's FOMC meeting shows up on the radar.
  • Even then, it's clear what will be announced in the meeting until September: 0.5% interest rate hikes. As Alex Krüger argues, this creates the conditions for the markets to range over summer - in absence of any policy changes, that is.

In the meantime, Do Kwan has announced "the community's" revival plan for Terra. It's possible this gains some steam as there's an airdrop and a new chain, but if you want to speculate on it you must know what you're doing!

Chart art: just an average dip.

The historically bullish US stock market tends to test its 200-week moving average, especially in the last decade. If history is to rhyme, stocks need to fall more for that to happen - which implies crypto will also fall more. Will BTC see $20k if that's the case?

Three things: just some block space.

Tweet tip: just some bad trading.

LFG still has some 313 BTC left, but they can't wreck the market with it.

Meme moment: just another rug pull.

Funny because it's true.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.