The Bitcoin downturn can be attributed to several factors, including:
Recesion fears: The looming specter of a U.S. and global recession is causing investors to flock to safer havens, leading to a decline in risk assets like crypto .
Yen unwind: The Bank of Japan's interest rate hike from 0% to 0.25% has made leveraged positions more expensiv
to maintain, leading to a rush to unwind them and broader instability in financial markets .
Geopolitical tensions: Rising tensions in the Middle East and the ongoing war in Gaza are adding to market uncertainty, causing investors to pull out of volatile asets like cryptocurrencies .