The crypto market is currently experiencing a significant downturn, with Bitcoin testing levels around $70,000 and Ethereum dropping toward $2,000. This "flash crash" and subsequent slide have wiped out nearly $900 billion in total market value over the last few weeks.
Macroeconomic Shifts (The "Warsh" Effect)
A major catalyst has been the nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve Chair. Warsh is perceived by the market as a "hard money" advocate. His potential leadership has sparked fears of a more restrictive monetary policy (higher interest rates for longer) and a stronger U.S. dollar, both of which typically suck liquidity out of speculative assets like crypto
BTC
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