Markets Rally As Hong Kong Opens Crypto

Key Takeaways

• Crypto rebounded, but not by enough for May to be the market’s first monthly loss of 2023.
• A deal to raise the U.S. debt limit was finally reached, preventing the U.S. government from defaulting.
• Hong Kong will allow residents to trade certain cryptocurrencies as of June 1. Bullish news overall but unlikely to move markets in the short term.
• Ledger postponed the release of its controversial new service. Ledger owners can confidently upgrade their firmware in the interim.