oof.
but it should be expected. People put their money into crypto because they thought crypto would go up. They thought crypto would go up because there was a bunch of money in the system searching for somewhere that would grow and money begets money so crypto did in fact go up.
As money dries up due to QT and interest rate increases, a lot of the stuff that went up because money found its way into it is dropping as the money finds its way out. For that reason, there's a lot more to drop from here. The asset bubble was fully inflated by 2018 which is the first time crypto prices looked like this. More tightening for probably at least another year before they well and truly break something and the fun begins again (since the right thing isn't sustainable when the wrong things are so widespread)
but it should be expected. People put their money into crypto because they thought crypto would go up. They thought crypto would go up because there was a bunch of money in the system searching for somewhere that would grow and money begets money so crypto did in fact go up.
As money dries up due to QT and interest rate increases, a lot of the stuff that went up because money found its way into it is dropping as the money finds its way out. For that reason, there's a lot more to drop from here. The asset bubble was fully inflated by 2018 which is the first time crypto prices looked like this. More tightening for probably at least another year before they well and truly break something and the fun begins again (since the right thing isn't sustainable when the wrong things are so widespread)
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You e got one party that wants to crank the wheel right, and one that wants to crank the wheel left, But the problem is the road ended a while ago and the car is ass up in the river.