Bitcoin remains stagnant, inching closer to marking its first month of decline in 2023. Meanwhile, Ether experiences a slight increase but appears poised to end May in the red as well.
While longer-term investors continue to hold their positions with resilience, the reduction of holdings by Bitcoin super whales demands attention.
After a slightly higher than expected jobless claims report, the top two cryptocurrencies by market capitalization remained relatively stable, indicating a minor cooling in the job market.
The top two cryptocurrencies in terms of market capitalization responded positively to a decrease in job vacancies.
Bitcoin's past performance indicates that a slight uptick in price often follows a period of decreasing momentum.
Following the Ethereum Shanghai upgrade, Ether has experienced a surge of over 9%, becoming the focal point of crypto markets during the week. Meanwhile, Bitcoin maintained its position above $30,000 with unwavering stability.
As bullish and bearish storylines intersect, the balances on exchanges may offer the most insightful indications.
The Federal Reserve will have no choice but to revert to quantitative easing in the face of a recession and political gridlock. What does this signify for cryptocurrencies such as bitcoin?
According to a Gallop poll released on May 2, the public's trust in America's current economic leaders is eroding. Confidence in US President Joe Biden's ability to manage the US economy has fallen from 57 percent to 40 percent, while belief in Federal Reserve Chair Jerome Powell has fallen from 55 percent to 43 percent. The April 2022 Gallop survey, released during the country's worst inflationary strain in decades, suggests that faith in economic leaders is at its lowest position since 2008.