Coinbase’s announcement that they might leave the US due to the regulatory environment triggered a correction that disrupted the bullish sentiment in April as such a move by the largest US-based crypto exchange would hurt institutional flows. The resulting -10 percent correction was not unexpected after the market’s +75 percent rise – and Bitcoin’s 90 percent – since the beginning of the year. However, the correction was short lived, and the market recovered to positive territory, ending the month +2.1 percent (S&P Broad Crypto Market Index), with Bitcoin +2.8 percent. Ether outperformed as its much-anticipated Shanghai upgrade went live, but it also corrected more sharply, ending April +3.0 percent in line with the market.
Read our House View report in the link below, from the Sygnum Asset Management team, for a review of news, trending topics and regulation that are influencing the digital asset markets. The Sygnum sentiment and market analysis give a performance overview for key metrics and the top crypto assets.
The Sygnum House View is available to professional and private qualified Swiss investors. For other updates on the digital asset markets, read our Insights articles here.
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