Bitcoin gets slashed in half. What’s behind the crypto’s existential crisis
SUMMARY: Bitcoin’s price plunges as investors question its utility, sparking fears of a crypto market crisis.
Bitcoin experienced a significant drop towards $60,000 this week, with no clear catalyst behind the decline. Market experts like Anthony Scaramucci are puzzled by the crash, leading to increased fear among investors. The cryptocurrency fell to its lowest level since 2024, marking a more than 52% drop from its record high. Other digital assets like ether and solana also saw substantial losses, indicating a lack of confidence in the overall crypto market. Despite a brief rebound, doubts persist about bitcoin’s role as a digital currency or store of value, with institutional interest appearing to fade. Concerns about the potential for bitcoin’s underlying network to be hacked are also on the rise. Despite these challenges, some investors, like Scaramucci, remain optimistic about bitcoin’s long-term potential.
