CZ posted in the early hours about this downturn. First, he drew a line: no one can be certain of the real cause, and correlation does not imply causation.
Then he listed five possible factors: funds being diverted by new stock offerings, seven consecutive days of net outflows from U.S. spot Bitcoin funds, several security incidents weakening investors’ willingness to hold, hotter-than-expected inflation raising rate-hike expectations, and regulatory uncertainty ahead of the midterm elections.
Taken together, the five point to the same thing: forces from multiple directions are exerting pressure at once, and no single explanation can account for all of it.
At the end, he also shared an action that can be verified. After receiving stablecoins over the past few days, he converted the money into crypto assets. He remains optimistic about the industry’s continued growth over the medium to long term.
$BTC #Bitcoin
Then he listed five possible factors: funds being diverted by new stock offerings, seven consecutive days of net outflows from U.S. spot Bitcoin funds, several security incidents weakening investors’ willingness to hold, hotter-than-expected inflation raising rate-hike expectations, and regulatory uncertainty ahead of the midterm elections.
Taken together, the five point to the same thing: forces from multiple directions are exerting pressure at once, and no single explanation can account for all of it.
At the end, he also shared an action that can be verified. After receiving stablecoins over the past few days, he converted the money into crypto assets. He remains optimistic about the industry’s continued growth over the medium to long term.
$BTC #Bitcoin
