Bitcoin Is Down 50%, Here’s Why Everyone’s Pulling Out Of Crypto
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Since its peak of $126,000, Bitcoin has fallen 50% (half) due to numerous factors but mainly because the whole world is a little screwed right now.
Once again for the people in the back row, Bitcoin and other cryptos are a highly volatile asset meaning that people are less likely to invest during ties of uncertainty. Gold is the opposite and the two thus become rule-of-thumb barometers for how people think the economy is going.
And who exactly are those ‘people’ you may ask? Well often it’s the money people looking to make more money. In this case it’s hedge fund managers, who initially poured in a lot of cash in Bitcoin and boosted the crypto to its ATH, but are now pulling out (heheh).
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