Bitcoin is a volatile digital currency that can go through major ups and downs at any time. But when we see the price drastically reduced investors get worried. These ups and downs of Bitcoin are always due to some positive and negative news of the current market and the condition of the world. Rumors of upcoming US government measures to regulate digital assets, The Federal Reserve attitude of digital currency greatly reduce the bitcoin price. Bitcoin prices may be related to other asset prices as we have seen. The recent FTX bankruptcy has replaced the Bitcoin market in a long bearish streak. In my perspective, until the overall global political situation improves, Bitcoin price will not be improved.
I have to say the whole world market is moving a bit to one side and a bit to other side. Look at 2020 and 2021, due to pandemic there were so many money printing going on and we all made some money and due to high inflation everything was more expensive to buy but we also had that much more money due to printed money.
That meant bitcoin was high too and all the stocks and gold and so forth, it was all high. Then in 2022 we had high interest rates and that caused money to be moved out of the market and into banks, and that caused a lot of trouble for the whole markets, bitcoin went down and gold too and stocks too etc etc. That means it's not just about bitcoin, it's about everything.