The crypto market downturn can be attributed to various factors. The main reason is the Central Banks' and governments' response to the COVID-19 pandemic, which led to unprecedented interest rate cuts, money printing, and stimulus. These actions initially boosted the market but eventually caused inflation, forcing Central Banks to reverse their policies. This change led to a decline in crypto markets, with Bitcoin and Ethereum shedding nearly 60% of their value. Other factors contributing to the downturn include the transfer of approximately $9 billion BTC from Mt. Gox’s cold wallet and slowing inflows of the U.S. spot bitcoin ETFs.
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