A look back to May 2022, a month filled with tremendous ups and downs

While the sun was sinking in the Crypto market at the beginning of May 2022, the market witnessed its awaited boom towards the end of May 2022. Here is a look back to May 2022 for the Crypto Market. The following were the key events that we witnessed :

• Russia-Ukraine War: Russia’s invasion of Ukraine revealed the good, bad and ugly edges of the cryptocurrency, which acted as a catalyst both positively and negatively.
• Crypto Market Crash: The Crypto market crash wiped away around $400 billion in investor wealth globally, creating a lasting impact on investors in May 2022.
• CGCX Listing on PCEX Member its its 3 Competitive Markets (INR, USDT, C2USD)
• US inflation: Experts opine that the rising US inflation and the global inflation are the major reasons for the Crypto market crash.
• Indian rupee value hit an all time low: The Indian rupee depreciated around 4%, hitting its all time low in May 2022.
• PCEX Member hosted its Highest Rewarding Trade Competition in CGCX-INR: After the successful listing of CGCX, PCEX Member hosted its referral programme and trading contest of CGCX-INR in which over 1200 traders participated and won rewards of upto INR 20 Lakhs.
• Terra LUNA Crash and the launch of Terra 2.0: Terra LUNA, the contentious stable currency plummeted to $0. The demise of the algorithmic stablecoin TerraUSD sparked various questions about the viability of similar crypto assets in the future. However, the currency came up with a new iteration, Terra 2.0 by the end of May 2022.
• THE LONG AWAITED REVIVAL OF THE MARKET: Following the collapse and dread sentiments, the crypto market appeared to be back on track by the end of May 2022, as overall market volume increased by 15.32% and reached US$57.60 billion, giving new hopes to the traders for future of the crypto market.

The month of May 2022 began with the Russia-Ukraine war, during which cryptocurrency hit the headlines as the world witnessed a large flood of crypto contributions streaming into Ukraine during a time of crisis. Ukraine received $64 million worth cryptocurrency donations after President Volodymyr Zelensky tweeted a fundraising appeal on Twitter. During the crisis, borderless cryptocurrency proved to be one of the most practical solutions for such transactions. The market also witnessed a significant temporary rise in the value of Bitcoin, which marked its best day of the year in the first week of May 2022. The sudden rise in the value of BTC was caused by a surge in Crypto trading in Russia, where the Ruble was plummeting by Western sanctions and reached an all-time low of 118.35 per dollar. Despite its extreme volatility, Bitcoin emerged as not only a speculative asset, but also a seizure-resistant, policy-independent, longer-term store of wealth. However, the graphs’ continuous climb lasted only for a short period of time. Overall, Russia’s invasion of Ukraine served as both a beneficial and bad impetus for cryptocurrencies.

The cryptocurrency market, which boomed at the beginning of the epidemic, witnessed a crash with a dramatic drop in May 2022. Since November 2021, the emergent asset class’s worldwide market value has been cut in half, from $3 trillion to $1.5 trillion. According to experts, the cryptocurrency sell-off trend was caused by increasing rates of US and worldwide inflation. In the United States, inflation hit 7% in December 2021, the highest annual rate since 1982. Unlike during the 1970s stagflationary period, the United States is not experiencing sluggish economic development. The May 2022 Crypto Crash demonstrated that digital money is not a hedge against inflation.

Not only did the market fall, but the Indian rupee plunged to its lowest level in history, creating an additional pressure on Indian traders who traded at 77.40 per dollar.

Furthermore, the fall saw the drowning of the popular stable currency Terra LUNA, which lost 99.9% of its value and was delisted from major trading platforms, leaving the investors disheartened. Soon after, the currency’s next iteration, Terra 2.0, was released towards the end of May 2022 and is currently listed on a few trading platforms. However, the launch did not go well, and the price is already falling. However, it remains to be seen if the currency will be able to survive or not.

During the times when market volatility and unpredictable nature was at its peak, over 17,000 new traders demonstrated their faith and chose PCEX Member for secure trading in the month of May 2022. PCEX Member also hosted its Highest Rewarding Trade Competition in CGCX-INR from April 25th to May 14th, which saw participation from over 25,000 traders and was a bigger success than before. After 21 days of rigorous competition, over 1,200 lucky winners made it to the list of traders who received incentives of INR 20 Lakhs.

CGCX token is a utility token introduced by CGCX to give merchants with discounted and nominal trading fees and access to the smart contract platform. CGCX added an exciting opportunity for PCEX franchisees and traders to trade CGCX in the most competitive crypto market. CGCX-INR, CGCX-C2USD, and CGCX-USDT are the currency pairings offered. The currency is now listed on popular trading platforms.

Following a massive crash and extreme fear sentiments, the crypto market towards the end of May 2022 witnessed a shiny sunrise with values of major cryptocurrencies shining bright in green and since then, the market seems to be back on track. On May 31, 2022, the total crypto market volume reached US$57.60 billion, representing a 15.32% rise, with all major cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and BNB exhibiting an upward trend and giving hope to traders for a better trading experience in June 2022.

For more such market insights, latest updates and expert tips relating to Crypto, stay tuned with PCEX Member.