Crypto Market Crash: What’s Going On?
This week has been wild, right? Bitcoin dipped down to around $84,535.40, marking a 10.3% decline this week alone. That’s nearly $1 trillion wiped off the market cap, bringing it down to $2.83 trillion from $3.25 trillion. Ouch.
There’s a lot of chatter about why this is happening. Macro strategist Raoul Pal pointed out that this decline mirrors past crashes, like the one in 2021 when Bitcoin fell 56% in four weeks. A wave of withdrawals from crypto ETFs, mainly by retail investors, has led to panic selling and dropping prices. And then there’s the overall tech stock market struggling with fears of an AI bubble, adding fuel to the fire. Even with whispers of potential Federal Reserve rate cuts, the market seems to be treading…
