Bitcoin is currently trading below €48,000. It has fallen by more than 10% today alone. This is the worst day for cryptocurrencies since the FTX crash. Because if Bitcoin falls, others like Ethereum will suffer even more, down more than 20%. It has been a dark Monday for cryptocurrencies. And the most worrying thing is that what is happening in the global economy seems to be just the tip of the iceberg.

Cryptocurrencies are spreading rapidly. On this occasion, there was no specific event that affected the crypto world and caused Bitcoin’s value to drop. There are doubts after the halving and significant movements similar to those in Germany, but the general statement made by analysts is that Bitcoin is affected by the global situation.

Due to the volatility of cryptocurrencies, the differences from one day to the next are much greater. While Nasqad is down 3%, Bitcoin is down three times as much.

From Japan to Warren Buffet. Unexpectedly, investor Warren Buffet sold half of his shares in Apple due to fears that big tech companies would go bankrupt. This sale caused Apple shares to lose 10% of their value.

On the other side of the world, the Asian economy is not in good shape. If China does not finish the takeoff and this is also noticeable in oil; Now the Japanese Nikkei has lost 12.4% of its value, making its biggest drop since 1987.

The US unemployment data, which rose to 4.3% above expectations, was one of the triggers of the sudden but incipient panic in the markets.

Bitcoin ETFs are also falling. Even the popular Bitcoin index funds (ETFs) could not escape this general panic. According to Bloomberg, despite being long-term investments, US Bitcoin ETFs also suffered the largest capital outflow since their launch. As can be seen, there are doubts about the sustainability of these investments, and unlike other cases, these doubts are not due to short-term factors, but rather to doubts about the coming months and the medium-long term.

Image | Behnam Norouzi

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