The crypto market leader finished May down 7.9%, according to Coin Metrics, while ether posted a 2% loss.
Absent other clear catalysts – such as the U.S. regional bank crisis whose start and end coincided with the crypto rally – price movements in June will probably be determined yet again by inflation, monetary policy and regulatory updates.
"Crypto investors will probably follow the economy for clues on where prices go next," said Callie Cox, an analyst at the investment company eToro.
"Bitcoin and ether are likely to gather assets from the more speculative crypto currencies that investors have abandoned since the various scandals," she added.
Prices, like growth stock valuations, have come down and made the asset more digestible, and interesting, particularly for institutional investors.
Persons:
Bitcoin, Crypto, Callie Cox, Sylvia Jablonski, eToro's Cox, Joel Kruger, There's, it's, Defiance's Jablonski
Organizations:
Fed, Metrics, LMAX, CNBC
Locations:
Defiance