May 2022 Bitcoin Brief
May was another difficult month for digital assets, with bitcoin ending the month 18% lower. On May 4th, the Federal Reserve Open Market Committee delivered its largest rate hike (50bps) in 22 years in an effort to curb the highest level of inflation seen in the United States in nearly 40 years. This macroeconomic environment, coupled with the collapse of LUNA and the largest algorithmic stablecoin (UST), caused a broad sell-off in digital assets.
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