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Kraken Jun 2022 Report: Uphill Battle

Kraken Blog | Jul 7, 2022

Kraken Jun 2022 report - Kraken Jun 2022 Report:  Uphill BattleCrypto markets remained bearish in June after May’s broad market sell off. All crypto sectors reported negative returns month-over-month; even the best performers posted losses exceeding -18%. Meme and metaverse coins performed only slightly better than ETH (-47%), privacy coins (-43%) and BTC (-40%).

Have the tides turned or will the uphill battle continue? In Kraken Intelligence’s latest Market Outlook Report, Uphill Battle, the team recaps June’s market action and looks ahead.

Losing ground

Historically speaking, June has tended to deliver positive returns for BTC. However, the leading cryptocurrency’s price fell by -38% this June to a 10-month low. Meanwhile, ETH’s price fell by -46% in June, as annualized volatility peaked to 122%, an 8-month high. Whale activity in BTC and ETH was relatively quiet as both the number of whales and their holdings decreased slightly.

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DeFi’s top tokens reported major losses ranging between -5% and -47% month-over-month, as AAVE (-47%) and CRV (-47%) led to the downside.  NFT market activity slowed down over the same period: average daily users, average transactions and average volumes fell by -4.8%, -0.1% and -68.7%, respectively.

Red candles piled up across most cryptoassets in June amid macroeconomic uncertainty and industry challenges. Early in the month, the World Bank slashed its global growth forecast to 2.9% against a backdrop of rising inflation, falling equity markets and sinking crypto prices. Crypto lender Celsius paused all withdrawals, swaps and transfers between accounts, citing “extreme market conditions.” Three Arrows Capital, a Singapore-based hedge fund, was subject to $400M in liquidations triggered by margin calls in the wake of cryptoassets’ steep decline.

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NCFA Jan 2018 resize - Kraken Jun 2022 Report:  Uphill BattleThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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