It’s been a bearish May in the crypto currency markets

Author: Willis Ethan-James

‘A bearish action in the cryptocurrency markets was notable for May, with a large amount of the markets giving back gains made during April. The most traded coin was bitcoin which is fantastic for our portfolio. 

During May, more BTC was traded on the 3rd than any other day – during which $10.2 billion worth of bitcoins exchanged hands whilst the BTC markets ramped up to unsuccessfully test resistance at the $10,000 area.

By contrast, the weakest trading volume was witnessed on May 26th – with $4.05 billion worth of BTC being traded as the markets steadily broke below the $7,500 area. The first two weeks of May produced daily trading volume of roughly $5.8 billion and $10.2 billion worth of BTC daily, with volume declining to between $4.05 billion and $6.75 billion worth of BTC daily during late-May.

Amidst all of the above, we have seen developed forms of blockchain and cryptocurrency progressions and expansions recently. One of the major news coming in was Coinbase obtaining the financial services firm and so, becoming a regulated broker by the US Security and Exchange Commission (SEC). Another one being the top-cryptocurrency exchange Binance entering the fiat to crypto market by setting up a bank account in the “blockchain island” Malta.

These are interesting times for all the markets and understanding and knowledge of why these currencies move in certain ways will guide us into profit making situations. The vision for Q4 as in previous years is still strong and large profits are to be made!’