For those expecting a bit less volatility for crypto markets in the first weeks of May after the rocky first four months of 2022, we saw a continued pattern of downswings that shook even crypto's optimistic traders to their cores. After a second FOMC meeting that resulted in the US Fed increasing interest rates by another 0.5%, crypto markets showed some life for 24 hours, giving traders some hope. Market prices then proceeded to freefall in stages before finally finding some temporary solace five days ago.

Traders are Finally Showing Serious Capitulation Signs

Bitcoin's price bottomed out at approximately $26.5k last Thursday, the lowest market value it visited since December, 2020. Ethereum, meanwhile, hit a low of $1,748 that same day, the lowest market value the #2 asset experienced since July, 2021. With both assets losing over 60% of their