Last updated on August 26th, 2022 at 03:21 pm
Anyone who made an entry into the cryptocurrency early in 2022 will most definitely be experiencing their first bear market. The month saw Bitcoin price crash below $30K and journeyed its way below $20K the following month.
The month also witnessed a lot of drama and the most audacious crypto action from El Salvador President Nayib Bukele who was stockpiling BTC, saying it was a good time to buy the dip.
At a point the Chief Economist and global strategist at Europac Peter Schiff accused the Bitcoin-die-hard Buleke, saying he was throwing taxpayers’ money away.
“When are you going to stop throwing taxpayers’ money away helping whales unload their #Bitcoin? The dips won’t stop, so if you don’t stop buying El Salvador won’t stop losing.”
@PeterSchiff
It was also the month Bukele invited Central bankers and financial regulators from 44 countries to his country where, according to him, they “learn about financial inclusion and banking the unbanked.”
And May also witnessed the crash of Terra Luna, which is now Terra Classic (LUNC) from $82.24 (May 1) to $0.00614 on May 13, prompting its founders led by Do Kwon to propose a recovery plan, which up till now is worst than nothing. At the time of filing this report, LUNC was $0.0001318.
Well, that’s by the side, Bitcoin started in May 2022, it basically hang on to $30k to $39K, before recording its first low at $29,944.80 on May 10 and closed the day at $31,022.91.
Beginning on May 24, it wasn’t rosy for investors who had bought Bitcoin at above $40K or more. It pulled a small market strength to close the month at $31,792.31.
Below is the May 2022 Bitcoin historical data according to CoinmarketCap:
| Date | Opening (USD) | Close (USD) |
| May 1 | $37,713.27 | $38,469.09 |
| May 2 | $38,472.19 | $38,529.33 |
| May 3 | $38,528.11 | $37,750.45 |
| May 4 | $37,748.01 | $39,698.37 |
| May 5 | $39,695.75 | $36,575.14 |
| May 6 | $36,573.18 | $36,040.92 |
| May 7 | $36,042.50 | $35,501.95 |
| May 8 | $35,502.94 | $34,059.26 |
| May 9 | $34,060.02 | $30,296.95 |
| May 10 | $30,273.65 | $31,022.91 |
| May 11 | $31,016.18 | $28,936.36 |
| May 12 | $28,936.73 | $29,047.75 |
| May 13 | $29,030.91 | $29,283.10 |
| May 14 | $29,285.64 | $30,101.27 |
| May 15 | $30,098.59 | $31,305.11 |
| May 16 | $31,304.37 | $29,862.92 |
| May 17 | $29,862.41 | $30,425.86 |
| May 18 | $30,424.48 | $28,720.27 |
| May 19 | $28,720.36 | $30,314.33 |
| May 20 | $30,311.12 | $29,200.74 |
| May 21 | $29,199.86 | $29,432.23 |
| May 22 | $29,432.47 | $30,323.72 |
| May 23 | $30,309.40 | $29,098.91 |
| May 24 | $29,101.13 | $29,655.59 |
| May 25 | $29,653.14 | $29,562.36 |
| May 26 | $29,564.78 | $29,267.22 |
| May 27 | $29,251.14 | $28,627.57 |
| May 28 | $28,842.10 | $29,023.49 |
| May 29 | $29,019.87 | $29,445.96 |
| May 30 | $29,443.37 | $31,726.39 |
| May 31 | $31,723.87 | $31,792.31 |
Warning, warning, and warning!
While some were optimistic about a strong comeback in the cryptocurrency industry, financial institutions didn’t waste any time in cautioning their customers, who possibly may have made crypto-related transactions.
Specially, The Reserve Bank of India (RBI) and the European Central Bank (ECB) issue warnings to crypto enthusiasts and financial institutions within a certain jurisdiction.
For instance, Governor of RBI Shaktikanta Das warns investors and the government to trade with cautions, saying, “We have been cautioning against crypto and look at what has happened to the crypto market now.”
Das stated that crypto price and value would undermine the monetary, financial and macroeconomic stability in his home country, saying, “Systemic risk increases in line with the level of interconnectedness between crypto-assets and the traditional financial sector”.
Kindly trade with caution. Cryptocurrencies are volatile. Some experts believe that the dip won’t stop.
Featured Image: @nayibbukele
