Sygnum House View
The crypto market initially fell ~15 percent as US bank failures impacted several key crypto service providers, including a portion of the cash reserves for one of the leading stablecoins. However, after the FDIC bailed out depositors, the problems in the US banking system were seen by some as a case for moving away from the fiat system and into crypto. Bitcoin was the primary beneficiary of this, rallying 50 percent from the lows. The rest of the market moved up 30 percent from the lows. Bitcoin ended the month up 23.0 percent. Ether appreciated 13.5 percent and the overall market (S&P Broad Crypto Market Index) rose 13.0 percent for the month.
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.