Bitcoin is down about 4% in May as the cryptocurrency heads for its first monthly loss of the year on mounting macroeconomic uncertainty. Traders are navigating murky market conditions as central banks continue to deliver interest rates hikes to combat high inflation. The Federal Reserve has raised borrowing costs 10 consecutive times since March of 2022.at levels not seen since the Great Financial Crisis in 2008.
"When there is fear sentiment in the market, investors tend to flock to safer assets, such as gold and government bonds," Brigham Santos, COO of blockchain financial services provider Lama, told Insider."This can lead to a sell-off in riskier assets, including bitcoin. In addition, central bank tightening can also lead to a decline in bitcoin prices."
Ethereum is up around 1.9% in the past month, while altcoins like solana have shed 6.5% in the same time frame. The blockchain startup exec added:"Mid and long-term signals are looking good as mass adoption is increasing and this is what ultimately defines the price."
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