Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Billion

<p>It has been days since the market entered a new month from the low-performing days of April. The crypto market has already started to recover a little, but there is a long way to go as the global market cap is only at $2.36 Billion and the trading volume is at $72.72 Billion.</p>
<p>In this blog, let us discuss the possibility of the crypto market gaining stability again and its recovery date.</p>
<h2 id="why-the-crypto-market-went-down">Why the Crypto Market Went Down?</h2>
<p>April was the slowest month of the year till now, as all the cryptocurrencies suffered heavy losses after making&nbsp;huge&nbsp;gains in the previous months. The analysts believe that the <a href="https://coingape.com/education/what-is-inflation-what-causes-it-and-its-effects-4-examples-of-inflation/" rel="noopener noreferrer nofollow">high inflation</a> and unemployment have brought down the <a href="https://coingape.com/education/what-is-inflation-what-causes-it-and-its-effects-4-examples-of-inflation/" rel="noopener noreferrer nofollow">US economy</a>, affecting the entire crypto market.</p>
<p>The add-on was the poor performance of the <a href="https://coingape.com/education/bitcoin-spot-etf/" rel="noopener noreferrer nofollow">Bitcoin spot ETFs</a> throughout April. The percentage of <a href="https://coingape.com/grayscale-bitcoin-trust-gbtc-sets-unprecedented-outflow-record-whats-next/" rel="noopener noreferrer nofollow">outflows</a> was way higher than the inflows, which were concerning.</p>
<p>Bitcoin ETF had received huge gains right from its launch but was on halt in April, causing the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> to fall. However, that did change this month in May as the <a href="https://coingape.com/grayscale-bitcoin-etf-ends-77-days-of-outflows-gbtc-inflows-begin/" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust (GBTC)</a> alone witnessed $65 Million in inflows, whereas the total inflow was about $378.3 million.</p>
<h3 id="crypto-market-recovery-might-began-by-15-may">Crypto Market Recovery Might Began By 15 May</h3>
<p>Daniel Yan, the founder of Kryptanium Capital, has shared his prediction of witnessing stable crypto market conditions. According to his analysis, the market might continue showing unpredictable behavior till mid-May, after which better stability might&nbsp;be seen.&nbsp;This&nbsp;is because the <a href="https://coingape.com/glossary/consumer-price-index-cpi/" rel="noopener noreferrer nofollow">Consumer Price Index (CPI)</a> data will be out in 15 days, which can change the crypto&nbsp;market’s&nbsp;dynamics.</p>
<p>The <a href="https://coingape.com/glossary/federal-reserve-system/" rel="noopener noreferrer nofollow">Federal&nbsp;</a>Reserve’s&nbsp;current statements have also indicated in favor. The pullout of money from the economy will help&nbsp;in bringing&nbsp;all kinds of trades up, including the cryptocurrency ones.</p>
<p>More importantly, the Bitcoin price recovery is the&nbsp;biggest sign of increased stability in the market. At the time of writing, Bitcoin is <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">valued</a> at $64,125.78&nbsp;with a trading value of $28,387,536,640 after a 29% surge from yesterday. Bitcoin had declined to a low of $56.6K and has significantly recovered in the last few days. Along with that, <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> has also recovered and is currently trading at $3100. Ethereum, collectively with Bitcoin, makes up more than half of the market, and because of that, a lift is also noticeable in the overall market.</p>
<h2 id="final-thoughts">Final Thoughts</h2>
<p>May end will also witness the results of <a href="https://coingape.com/trending/top-three-proposals-on-ethereum-etf-approval-coming-soon/" rel="noopener noreferrer nofollow">Ethereum Spot ETF</a> by the SEC. An Ethereum bully rally can begin with the positive results results from the US regulators. Its impact will also appear in the crypto market.</p>
<p>There are no proper <a href="https://coingape.com/optimism-around-spot-ethereum-etf-approval-waning-down-can-eth-price-rally-continue/" rel="noopener noreferrer nofollow">indications</a> about what the SEC will decide, so if the results are positive, it will be a celebration for the market.&nbsp;For now, it has to see what can change in a&nbsp;week’s&nbsp;duration and what the market will look like after the 15th.</p>
<p>The post <a href="https://coingape.com/trending/crypto-market-to-recover-by-may-end-heres-what-you-should-know/" rel="noopener noreferrer nofollow">Crypto Market To Recover By May End;&nbsp;Here’s&nbsp;What You Should Know</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Crypto Market To Recover By May End; Here’s What You Should Know

Table of Contents

Coingape News Media

Other articles published on May 7, 2024

Bitcoin Analyst Predicts Potential Rise to $90,000

Australia Scrutinizes Crypto Tax Compliance

Bitcoin Remains Robust, Showing a Record-High 200-Day Moving Average

Breaking: Susquehanna International Holds $1.3B in 10 Bitcoin ETFs, $1B in GBTC

Ethereum Price Slumps 3% As The SEC Delays Galaxy ETH ETF Decision To July And This AR/VR Crypto ...

Top Analyst Explains Why Bitcoin Price Will Top $477K

Join our free newsletter for daily crypto updates!