LAST WEEK RECAP:

  • U.S. Fed kept rate steady due to lack of further progress on inflation, but Powell commented that Fed’s next move was “unlikely” to be a rate hike.

  • U.S. nonfarm payrolls increased by 175,000 in April, well below 240,000 estimated. The unemployment rate rose to 3.9% v.s. 3.8% estimated.

  • Former Binance CEO CZ sentenced to four months.

  • Hongkong BTC and ETH ETF started trading, but only recorded $12M volume on day 1.

  • Friend.tech launches V2 and announced airdrop.

  • Block will use 10% of bitcoin product profit to buy bitcoin.

  • Grayscale GBTC recorded first net inflow after conversion to spot ETF.

LEGACY MARKETS – DXY

Legacy DXY | Crypto Market Update - Kairon Labs

#DXY is still at the top of the range but has shown some signs of weakness. Currently, the market is waiting if the weakness continues and DXY falls back deeper into lower price levels. This would be the ideal scenario for crypto.

LEGACY MARKETS – VIX

Legacy VIX | Crypto Market Update - Kairon Labs

#VIX is also following the ideal path so far by fully breaking down back into the previous 12-14 range. If it has another lengthy period in this range together with DXY breaking down, expect the crypto market uptrend to resume.

BTC WEEKLY VIEW

BTC Weekly | Crypto Market Update - Kairon Labs

$BTC is still consolidating on previous ATH and has been since mid-march. With almost 2 months of consolidation and the initial signals we’re getting from the VIX and DXY, BTC might continue to trend sooner rather than later.

ETH WEEKLY VIEW

ETH Weekly | Crypto Market Update - Kairon Labs

$ETH has a deadline of May 23rd for possible #ETF approvals. As it stands now, all these will most likely be pushed back to July, which explains the sluggish price action in ETH.

ETH/BTC

ETH/BTC | Crypto Market Update - Kairon Labs

After last week's market movement, ETH/BTC fell completely flat and reversed the initial up move. With the final deadline for May being on the 23rd before further delays, it will be interesting to see how sensitive ETH/BTC trades on ETF delay news.

TOTAL3 USD MARKET STRENGTH

TOTAL3 USD | Crypto Market Update - Kairon Labs

TOTAL3 has been building new price structures and for now, it seems the lows are definitely in after the big liquidation in April.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC | Crypto Market Update - Kairon Labs

ALT/BTC is looking a lot better than ETH/BTC. With it now almost fully being out of the shorter-term downtrend, we might see some altcoins trend if this continues.

SUMMARY

  • ALT/BTC ratios almost breaking out of their mid-term downtrend. Expect a lot of altcoins to start trending again sooner rather than later.

  • ETH/BTC still unable to consecutively trend upwards for multiple days. It's important to observe price reaction likely going into new ETF delay announcements.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.