Analysts suggest that the strong correlation between Bitcoin and technology .

Analysts suggest that the strong correlation between Bitcoin and  technology stocks, particularly the Nasdaq 100, contributed to  the slowdown. 
Not a valid attachment ID.

Market sentiment  was also influenced by expectations  regarding the policies of the US Federal  Reserve. Investors  predict that the Federal Reserve will  keep interest rates  higher for an extended  period of time, which historically  leads to reduced  risk appetite  in various asset classes, including  cryptocurrencies. The significant loss in the cryptocurrency market appears to be  due to a combination of increased competition in the  technology sector due to new  developments in AI and  changing expectations  regarding US monetary  policy.
What you need to  know
The coming days are likely to be  crucial. The first of eight Federal Open Market Committee (FOMC) meetings this year is approaching, and the cryptocurrency market is  watching closely for  interest rate hikes, which have a significant impact on speculative  assets. If higher rates are implemented, they  will generally discourage risk-taking,  which could delay the recovery. However, despite the volatility, the cryptocurrency market has shown resilience after past  declines. For example, the  collapse of  Mt. Gox in 2014  caused the price of Bitcoin to drop  36%, and the  Earth/Moon collapse in 2022  caused Bitcoin  to fall 50%, from $40,000 to $20,000.  Furthermore, the bear markets  of 2018 and 2022 saw cryptocurrencies eventually recover, albeit  at different times. After the 2018 crash,  Bitcoin took nearly three years to reach all-time highs. During the market  downturn in 2022, Bitcoin  recovered in 2023, driven by renewed interest in decentralized finance and institutional  adoption. While the short-term recovery may be  difficult, the long-term  market trajectory could still  see growth, driven by innovation, increased adoption, and greater financial integration.

[attachment deleted by admin]