In this note we review the state and momentum of the macroeconomic and regulatory/ policy developments that matter for crypto markets, what is likely priced by crypto and traditional assets, the technical price picture for the main crypto assets, and where we are likely to go from here in terms of price action.
Macro: A lagging picture?
The “R” word is less and less present on consumers’ minds and in the projections of analysts. On April 9, recession fears peaked with the 90-day truce announcement on reciprocal tariffs. As a result, in May we have seen US growth re-accelerate close to its long-term trend, 2%. This is mainly driven by the two pillars of the US economy: private consumption and business investment. The pace of...