Recovery continues despite uncertainty

Every week, Amdax summarizes what’s happening in the crypto market for you. Want to dive deeper? Click on the links in this email for more insights.

This newsletter is a co-production with our partner, Bitcoin Alpha. 

Market Update 

Stay informed in three steps:

1. Bull Market Remains Intact Despite Headwinds

After a solid April, bitcoin continues its steady recovery. The price remains well above the crucial 12-month moving average, confirming that the long-term trend is still upward. The recent low at $74,500 likely marked the end of a correction phase, possibly signaling the start of a new upward trend toward prices above $100,000.

2. Mixed Signals in Macroeconomic Data

The U.S. economy contracted by 0.3% in Q1, but this decline appears to be largely due to temporary factors such as inventory buildup and trade disruptions. The underlying core GDP still indicates growth. Strong quarterly earnings from tech giants like Meta and Microsoft also support the image of a resilient economy, despite geopolitical uncertainties and the ongoing trade war.

3. U.S. Stocks Continue Their Recovery

Strong quarterly results from tech giants such as Meta and Microsoft highlight the recovery in the corporate sector. The broader stock market has now regained more than half of its previous losses. This recovery in traditional markets is contributing to improved investor sentiment, which could also provide a tailwind for the crypto market.

News Overview

Signal from the noise:

• Strategy Doubles Down on Bitcoin. The original "21/21 plan" has been doubled to "42/42" as of early May. The goal: to raise $84 billion before 2027—half through equity, half through bonds—to buy bitcoin. The company now holds 553,555 BTC (2.6% of total supply), purchased at an average price of $68,448. According to Strategy CEO Phong Le, 70 publicly listed companies now have a bitcoin strategy.
• Three U.S. Financial Giants Take the Next Step in Crypto. Morgan Stanley, Charles Schwab, and Goldman Sachs are significantly expanding their crypto offerings. Schwab aims to launch spot trading within a year, Morgan Stanley is working on a rollout via E*Trade, and Goldman is focusing on on-chain money market funds and loans. It’s a clear signal: TradFi is gearing up for the next phase of crypto adoption.
• Visa and Mastercard Bring Stablecoin Payments to the High Street. Visa is launching payment cards with Bridge from (Stripe) that let users spend stablecoins at any Visa-accepting merchant, starting in Latin America and expanding globally. Meanwhile, Mastercard is developing infrastructure to enable stablecoin acceptance at the checkout, supported by Circle, Paxos, and OKX. Stablecoins are making the leap from wallets to shopping carts.
• Bunq Becomes First Dutch Bank to Enter Crypto. Starting this week, customers in the Netherlands and five other EU countries can trade over 300 cryptocurrencies—including bitcoin, ether, and solana—directly through the app. The neobank has partnered with Kraken for this feature. The launch caters to the needs of digital nomads looking for one app for both banking and crypto. Other European countries, the UK, and the U.S. will follow soon.
• U.S. Prosecutors Seek 20-Year Sentence for Celsius Founder Alex Mashinsky. Mashinsky has pleaded guilty to fraud and market manipulation, including inflating the CEL token price and deceiving customers. Prosecutors claim his actions caused nearly $7 billion in losses. Sentencing is set for May 8. If this becomes the new benchmark, other ‘celebrity scammers’ may have reason to worry.

Amdax’s Take
The crypto market demonstrated in April that its foundation remains solid, even amid challenging macroeconomic conditions. Bitcoin’s recovery above its long-term average, along with the rebound in equity markets, signals renewed confidence. The market appears to be turning, but uncertainty still lingers.