Bitcoin monthly chart
We started March on an optimistic enough note, notching a 5% gain for the month to spark hopes of a return to the $50,000 area, only to have our hopes dashed and killed respectively in April and May. At the height of the LUNA saga, when Do Kwon was selling off LUNA’s bitcoin stash to protect the UST peg (to no avail), Bitcoin dropped to a low of $25,400. From peak to bottom, we’ve experienced over 60% drop in value....Wow. What an insane 3 months it’s been for crypto. We saw the absolute annihilation of LUNA and UST, with a combined market cap of US$40B disappear in the span of 2 weeks, and a general feeling of doom and gloom across all risk-on assets, including the broader crypto market as well as equities.
Looks like I chose the wrong time to take a blogging sabbatical.
Well, I’m back!
Let’s take a look at the monthly charts for the big two.
