May 10, 2022
April was a difficult month for assets across the board amidst rising rates as the Federal Reserve attempts to curb inflation. Risk assets suffered disproportionately—the S&P 500 marked its worst month since March 2020, the Nasdaq 100 delivered its worst monthly return since October 2008, and the Bloomberg Aggregate Bond Index had its worst month since inception. This capitulation in risk assets spilled over to bitcoin as well. Bitcoin’s price broke through the $40,000 support level down to $38,325 by month end.