the insider

Drofa Comms Monthly Roundup – May 2023

We’re saying goodbye to spring and meeting summer 2023 with open arms (and minds). As governments all over the world are trying to keep inflation under control and deal with an ongoing cost of living crisis amid the failures of multiple financial institutions and fears of a looming recession, we imagine ourselves looking to a brighter financial future through a VR headset.

May of 2023 continued facing the consequences of the largest US banking crisis since 2008, with a US Federal Reserve study revealing that above 16% of US banks reported unrealised losses above 50% of their capital at the end of Q3 2022 as the potential result of rising interest rates. Against this background, the SEC’s (Securities and Exchange Commission’s) Gary Gensler doubled down on the agency’s negative crypto stance, blaming the digital assets industry for three of the four recent banking failures. 

From its side, the crypto market has been having a good year in 2023 so far, but not without a bump in the road. By the end of April, Bitcoin closed four consecutive months with positive gains, and the total market capitalisation of cryptocurrencies surged from around $800 billion at the beginning of the year to $1.22 trillion by April 30. It seems, tho, there’s a first time for everything. The BTC closed its first negative month of 2023 in May. The combined crypto market cap has fallen by approximately 6.4% during the same period. To find out more, read our May digest below!

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