The Total Cryptocurrency Market Capitalization is sitting just below $300 billion up from $200 billion on April 22. Total Market Volume over 24 hours is nearing $21 billion USD. With hopes of Covid-19 infection rates slowing, the market is volatile with the uncertainty of how the future will play out. Bitcoin Falls More Than 8% As Crypto Markets See Red. On the other hand, social volume and engagement is steadily increasing due to market swings, as well as various altcoins, seeing green.
Currently, various crypto traders are anticipating a miner capitulation where we begin to see miners selling off their Bitcoin, covering their expenses, after Bitcoin Block Rewards were cut in half from 12.5 to 6.25 per block .For the past few weeks, coverage on Grayscale’s Trust scooping up more Bitcoin than being mined can be seen across multiple news agencies.
Grayscale, an investment firm that enables institutions to invest in Bitcoin through a publicly-traded vehicle, saw 88% of its investments come from institutional investors in the first quarter of 2020. — Joseph Young
The U.S. stock markets went from being uneventful to volatile in a matter of weeks. With optimism on economic growth, we continue to see a correlation between cryptocurrencies and equities. In times of uncertainty, crypto is often seen as a “safe haven” against world-wide economic turbulence; however, more recently we see the S&P 500 Index and Bitcoin react in similar fashion.