| Interest rates alone do not explain such a large move, just as QE, supply chain disruption, WFH, etc do not explain the run up in the stock market. This is lead by a herd mentality. I completely understand why and how this would be lead by Celsius, but that is just one in a list of crypto failures (or soon to be failures) in the past few months. Terra obviously showed people what happens when bad projects go bad. I believe the writing was on the wall for CEL since the beginning, and when Terra went pop, Celsius was the obvious next domino to fall. Crypto in large part benefitted from QE just as the stock market did. It's also going to deflate as QT gets going. People who had extra money and heard they could make more in crypto, bid up the price of many coins. Greedy people, looked at something like CEL and said "I can get 20% on top of the gains!" without questioning how that works, or what happens when it crashes. Now as these same people see inflation, high gas prices, and the crashing stock market AND crypto market, they are getting out. Many at a loss. Be greedy when others are fearful, and fearful when others are greedy. I'm a crypto fan, and from my perspective, we've seen this type of thing before. ICOs was probably the last wild-west type activity we saw. NFTs are also going to take a hit, but I believe there is value in the NFT technology, it just needs to mature beyond the "arts" market, and become easier to work with. This is not the end of crypto, but this is a pause for a large number of people who the market just isn't ready for yet. |