What

Bitcoin prices have suffered some heavy losses lately, falling to less than $30,000 during a day where risk assets experienced a broad sell-off.

But when observed over a multi-year timeline, their overall rise in price was nothing short of meteoric.” Between rate hikes and asset sales, these financial institutions could have a significant impact on the global asset markets, which many believe have become inflated as a result of unprecedented stimulus. “The crypto world is experiencing a rate of adoption globally that is incredibly fast – perhaps at twice the rate at which the internet itself was adopted in the 90s,” Powell noted. “What I think is important to keep in mind here is that, longer term, Bitcoin and the crypto industry more generally are undergoing a process that is quite different from what traditional equities are experiencing right now,” he stated. “Bitcoin’s decline is primarily based on these macro factors and the rising risks of a global credit deleveraging that are at play, as opposed to its fundamentals, adoption, and growth potential,” said Rule. “Rising rates, a historic pace of monetary policy tightening to combat unprecedented levels of inflation, a strengthening U.S. Dollar versus other global currencies, and a deterioration in global growth outlooks are all macroeconomic forces at play that are driving bitcoin lower,” he stated.