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This bitcoin rally couldn’t go straight up forever, could it? Well, no. In fact, for the first time since October we have witnessed a “brief pause” in the form of this latest correction.
The correction appears to have hit bitcoin the hardest as alternative cryptoassets appear to be decoupling. Most notably, ethereum is flexing its muscle by crossing over $2,700 and the ETHBTC pairing broke out from a multi-year consolidation.
In addition to BTC & ETH, Kraken looks at the monthly performance of DOT, ADA, and UNI. ADA and DOT are maintaining their strength and attracting more interest in staking. This week, Kraken will begin allowing clients to participate in Cardano staking.
Inflation is once again a topic of concern in traditional markets. As stocks continue to rally to new highs, people are wondering how this will be reflected in bitcoin’s price. Our team examines where inflation is hiding in the economy and what the continued money printing by central banks means for the crypto markets.
NFTs continue to captivate the attention of investors and content creators worldwide. Companies such as McDonald’s, the New York Stock Exchange and Spotify, alongside celebrities like Steve Aoki, Tom Brady and Ashton Kutcher have become the latest to foray into the growing asset class.
Inside this report, you will learn why corrections have been more shallow in bitcoin, why value is rotating into alternative cryptoassets and how directives from central banks could affect the crypto markets.
- Risk-On Risk: Bitcoin’s dominance fell to a near three-year low of 49% in late April amid an increasingly greater demand for altcoins. The three-month long rotation into altcoins tells us that market…