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Kraken Blog | Jul 7, 2022
Crypto markets remained bearish in June after May’s broad market sell off. All crypto sectors reported negative returns month-over-month; even the best performers posted losses exceeding -18%. Meme and metaverse coins performed only slightly better than ETH (-47%), privacy coins (-43%) and BTC (-40%).
Have the tides turned or will the uphill battle continue? In Kraken Intelligence’s latest Market Outlook Report, Uphill Battle, the team recaps June’s market action and looks ahead.
Losing ground
Historically speaking, June has tended to deliver positive returns for BTC. However, the leading cryptocurrency’s price fell by -38% this June to a 10-month low. Meanwhile, ETH’s price fell by -46% in June, as annualized volatility peaked to 122%, an 8-month high. Whale activity in BTC and ETH was relatively quiet as both the number of whales and their holdings decreased slightly.
See: EU agrees on landmark MiCA rules putting pressure on UK and US to regulation crypto assets too
DeFi’s top tokens reported major losses ranging between -5% and -47% month-over-month, as AAVE (-47%) and CRV (-47%) led to the downside. NFT market activity slowed down over the same period: average daily users, average transactions and average volumes fell by -4.8%, -0.1% and -68.7%, respectively.
Red candles piled up across most cryptoassets in June amid macroeconomic uncertainty and industry challenges. Early in the month, the World Bank slashed its global growth forecast to 2.9% against a backdrop of rising inflation, falling equity markets and sinking crypto prices. Crypto lender Celsius paused all withdrawals, swaps and transfers between accounts, citing “extreme market conditions.” Three Arrows Capital, a Singapore-based hedge fund, was subject to $400M in liquidations triggered by margin calls in the wake of cryptoassets’ steep decline.
Continue to the full article –> here
View the 13 page report –> here
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