In this post, I want to give a brief review of the crypto market in May and look ahead to June.
Review of May
In May, the crypto market was quite calm. There were no major regulatory events or attacks that would have strongly influenced the market. The only topic that really attracted attention were the so-called “Meme Coins” that appeared on various blockchains, especially on Ethereum and Binance Smart Chain.
Another important event in May was the PR debacle of Ledger, one of the leading providers of hardware wallets. Their decision to introduce a new feature called “Ledger Recovery” was heavily criticized by the community and could have long-term effects on the company.
Outlook for June
In June, there are some important events that could influence the crypto market. One of them is the situation around the Digital Currency Group (DCG). The DCG has not made its credit payments, and there is a possibility that it could go into involuntary bankruptcy. This could have a significant impact on the Bitcoin price, as the Grayscale Bitcoin Trust could be sold in the event of a DCG liquidation.
Another important event in June is the Fed meeting on June 14. Currently, it is expected that interest rates will continue to rise, which could affect the crypto market.
Finally, June could also see some effects from the increase in the US debt ceiling. This could lead to liquidity being pulled from the market, which could have a bearish effect on the market.
Personal Reflections
In May, I was on the move a lot and had many exciting experiences. One of the highlights was our company retreat in Phuket, where we had a great time with 170 employees. In terms of sports, I am currently in a good phase and making good progress in marathon training.
For June, I expect the crypto market to continue to trend sideways. There could be some ups and downs, but overall I do not expect any major price movements. It will probably be a rather quiet and boring month, which could be frustrating for many in the community.
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Julian
CEO CakeDeFi.com
