It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:
International Instability: Ongoing conflicts such as the Russia-Ukraine war and the prolonged tensions in the Israel-Palestine region.
Rising Interest Rates: The U.S. dollar entering a cycle of increased interest rates.
Post-Pandemic Aftermath: The lingering effects of the COVID-19 pandemic.
The government and of course, the people too may have made a lot of bad decisions to have led us to this state and economic situation. But at the end of the day, we should still look on the bright side. For our dear Bitcoin, we've got more investors than ever before. We've also got the wide adoption of skills acquisition, web business personnel, and others. Maybe this economic conflict may lead to a better civilization.