I think the biggest factor is inflation that occurs in many countries, when inflation occurs, many people need cash and the first alternative is to sell cryptocurrencies, in fact I often see many members complaining because the economic situation is still difficult due to the pandemic.
I agree. The thing about this though is that the very fear of inflation can also be seen as one of the triggers for people to jump into crypto currencies in order to save themselves or their money from the on going inflation. And the fact that covid has also restricted most of the businessess and services that were usually the source of profits from investments or jobs just increases the urge to get into crypto. Oh well, at least the lockdowns are stopping and some places are already covid free. I just hope that everything recovers faster which can also let new money flow into this market.
We can't really avoid not to point out fingers with the current crisis that we are facing for it to be a possible reason on why crypto market is declining or into bearish mode although we can't really be that precisely tell if it's the reason or not because market had always been unpredictable since from the start on which price could move randomly.
Despite of the conditions that we are in then it would be wise if we do such steps on taking advantages on getting opportunities to get in or make profits when the market starts to recover.
I guess it's inevitable, even without reasoning the price will go down because that's how the market works, in a cycle and no one can stop it. However, when the war started and then we heard about the FED rate hike, the price suddenly went on a downward spiral, so this might be some reason why the crypto market as a whole declines. And just like 2018's bear market, this is going to be very long for us, a crypto winter, gonna be cold and hard.
