The global crypto market continues to exhibit a range-bound choppiness, waxing and waning
on the latest headlines. We saw $ETH and $BTC start the week above the $43k level after
benefitting immensely from Russian sanctions and the narratives surrounding them.
Since then, markets have retreated as commodity prices skyrocket – oil hit $130 per barrel,
wheat prices reached a 14-year high, and a metal exchange had to roll back transactions and
limit trading because nickel prices were getting out of hand.
Such price action had many in traditional markets beating the “stagflation” drum, thus
causing equities and cryptoassets to flounder.
Bitcoin caught a bid briefly on Tuesday evening following the leak of President Biden’s
Executive Order on crypto, which had a surprisingly optimistic tone (more on this below) but
is once again finding it to be a challenge to remain above the $40k level.
This choppiness is directly in line with what we had forecasted for the first half of this year in
our Annual Outlook, and presently, few signs are pointing to any imminent breakout from this