And on the fourth day of May, there was sunshine for bitcoin and other cryptos.
Growth has already slowed over the first part of the year. U.S. gross domestic product declined 1.4% on an annualized basis during the first quarter. But in remarks Wednesday, Fed Chair Jerome Powell indicated that the Fed could reduce the monetary stimulus that fueled the country's strong growth last year while ensuring the sort of soft economic landing that would comfort investors.
Dan Young, head of partnerships at blockchain analytics firm Elementus noted ongoing concerns about inflation; disappointing rates of crypto adoption, particularly in El Salvador, which made bitcoin legal tender last year;"high-profile protocol breaches that have highlighted vulnerabilities and increased regulatory scrutiny of miners. Yet Young said that"the space has shown to be incredibly resilient.
Consider events from the past week in the Asia-Pacific Rim region, which have helped keep bitcoin range-bound withat $37,000 and resistance just under $40,000. Cryptos’ desultory performance has tracked similarly range-bound pricing in Asia’s major equity markets.
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