Bitcoin (BTC) has been taking a beating in the market since its high of $64,400 in November of 2021. Currently, it’s trading at $23,174 which is way less than its all-time high. The entire crypto market has been taking a hit this year, Ethereum (ETH) is currently at $1,231.
Overall, this should not come as a surprise, global markets have been on a downturn this year due to various factors such as the inability of countries to resurge economically from the coronavirus which to be fair we are still facing.
Another major factor is inflation which has been put on steroids due to the war that is happening in Ukraine. Investors have been skeptical of the entire global market which in my opinion is going through a transition period as new economies will rise from the current crisis.
Lastly, the major events such as the decoupling of Terra from the US dollar which should be a valid pretext for what was to and what we are witnessing in the global markets today.
It’s quite obvious that we are in a bear market and mostly like a recession is on the horizon, that’s if we are not in it already. All across the tech industry, we are seeing a hiring freeze, industries slowing down and startups locking up shop.
It will be interesting to see how this all plays out before the year ends, as the pain dial is accelerating.
