In May, #bitcoin saw a negative 6.98% monthly change for the first time since December 2022. However, it is not immediately clear what changed in the fundamentals or the larger #macroeconomic environment to cause this consolidation. Before the US Federal Reserve placed a halt to the rate hike cycle in June, the cryptocurrency market was in this stage of searching for direction and #liquidity.

Numerous signs, including the futures market and VC investment, suggest that there is a positive outlook underlying everything. But while the boom in traditional markets and tech stocks was able to continue in May, actual price activity in the #cryptocurrency market remained muted and required some time to emerge from hiding.