Crypto Market Update – May 2023

June 15, 2023

Crypto Market Update: May 2023

May was crypto’s worst month so far for 2023. The peer group S&P Cryptocurrency BDM Ex-MegaCap Index (“SPCBXM”) and the Bloomberg Galaxy Crypto Index (“BGCI”) also saw declines.

There were a number of factors that contributed to the decline in the crypto market in May. These included:

  • Rising interest rates: The Federal Reserve and other central banks raised interest rates in May in an effort to combat inflation. This led to concerns that the global economy was headed for a recession, which would have a negative impact on the crypto market.
  • Regulatory uncertainty: There is still a great deal of regulatory uncertainty surrounding the crypto market. This has led to some investors staying on the sidelines, which has weighed on prices.
  • Weaker momentum: The crypto market had been on a tear in the first few months of 2023, but momentum began to slow in May. This was likely due to a combination of the factors mentioned above.

Despite the challenges, there were some positive developments in the crypto market in May. These included:

Overall, May was a challenging month for the crypto market. However, there were some positive developments that suggest positivity for the future.

Recommended Article: 

For further insights into the cryptocurrency landscape in 2023, we recommend reading the following article: “Cryptocurrency in 2023: Forecasts and Analyst Opinions“

Related Articles

Browse All Categories

Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Altfund Management, disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Altfund Management and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Altfund Management and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

Learn More Today.  Invest For Tomorrow.