Why is Crypto Crashing Today? Now that Bitcoin is Dead, This is What’s Next.

In the latest crypto news, retail investors are asking, ‘Why is crypto crashing?’ and ‘Why is crypto down today?’ amid a major downturn in crypto markets.

This morning, crypto investors woke up to a massacre in the crypto markets, and the question that crossed all of our minds was, “Why is crypto crashing today?”

BTC’s descent to a low of $59,100 represents its weakest performance since late February, marking a significant retreat from its mid-March peak above $73,000.

Other major cryptocurrencies like Ethereum (ETH) and Solana (SOL) are also facing substantial losses.

There is currently $2.35 trillion in crypto market cap. When that all vanishes, there’s going to be economic turmoil. The worldwide BLOATED housing market is going to crash spectacularly. First the financialized “asset” crash. pic.twitter.com/yQH9yA1LHb

— Michael In Truth (@MichaelInTruth) April 30, 2024

Eswar Prasad, a senior professor of international trade policy at Cornell University, recently told CNBC that Bitcoin is “not very efficient” and “environmentally destructive,” among other things.

Alright guys, 2012 called and want its headline back.

These same claims have been made about Bitcoin since it was under a dollar. Here are the real reasons that crypto is crashing.

Why is Crypto Crashing: Has BTC Had a 12-year Bull Run and is Tapped out

April has become bleak for Bitcoin and its peers, potentially closing out the month with the most severe decline since the FTX fiasco in November 2022.

The total crypto market capitalization has shrunk by nearly -18%, its heftiest retreat since June of the previous year.

John Glover, CIO of crypto lending firm Ledn, anticipates a further sell-off for BTC, eyeing a retreat to the mid-to-low $50,000 region.

(BTCUSDT)

There are only 18 million crypto wallets worldwide. That’s less than 1% of the world.

This means if you hold at least 1 Bitcoin, you are in the top 2% of all Bitcoin wallets. If you hold at least 10 Bitcoins, you are in the top 0.47% of all Bitcoin wallets.

The fundamentals for Bitcoin are still there – same as they ever were.

Why is Crypto Crashing: BTC Has Further Down to Go

A series of U.S. economic reports with a stagflationary tone – indicating slowing growth alongside accelerating inflation – has rattled traditional markets, contributing to the Nasdaq and S&P 500 declines.

These conditions have dampened expectations for U.S. Federal Reserve rate cuts, further pressuring digital assets.

Any hawkish tone or mention of rate hikes by Jerome Powell at 19:00 UTC will cause markets to crash.

This will be the worst crypto bear market yet. 99% of coins will die. Exchanges will go bankrupt & face regulatory penalties. Like the dot-com bubble, most will lose everything.

— BITFREEDOM (@Bitfreedom242) May 1, 2024

Historical patterns highlight a tendency for crypto prices to dip over the summer months, suggesting that the current downturn may persist in the near term.

DISCOVER: Here’s How To Buy The Bitcoin Dip

Now That Crypto is Dead – What’s the Next Big Thing?

Bitcoin is a simple, unchangeable protocol. It was built just to keep time.

This is why some call Bitcoin a “Timechain”—not a Blockchain. Many Bitcoin critics don’t understand the timescale on which BTC operates.

In 2036, 99% of the Bitcoin will be mined. In 2045 99.9% of it will be mined. What do you think the price of Bitcoin will be in 2036?

It’s either going to be zero or well into the seven figures, and nothing in history indicates it will be zero.

It would take an unknown unknown, if you hold Bitcoin in 2024 you are still an early adopter. Saying either Etheruem or Bitcoin is DEAD is just click bait for crypto news at this point.

EXPLORE: Is BTC Set for a Quiet Spring After Bitcoin Halving Event? Here’s Why Traders Eye Altcoins in Q2

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.