On the brink of recession: Can Bitcoin survive its first global economic crisis?
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Bitcoin's 75% comedown from $69,000 highs in November 2021 demonstrates that its not immune to global economic forces. The entire crypto market lost $2.25 trillion in the same period, hinting at large-scale demand destruction in the industry. Bitcoin's crash appeared during the period of rising inflation and the global central banks' hawkish response to it. The gap between the Fed's fund rates and the consumer price index (CPI) is now the largest on record. Meanwhile, the collapse of Terra, a $40-billion "algorithmic stablecoin" project, has destroyed demand across the crypto sector. Source