I believe that the drop of crypto prices is related to the increase of interest rates. A lot of big investors still see crypto as very risky and prefer to buy bonds with positive interest rates. In the long run I believe that crypto will be a better protection against inflation that what it looks like at the moment.
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That's, indeed, true. Cryptos are part of the financial world and, thus, it's expected for its prices to be affected by the rest of the financial ecosystem, including the overall increase in interest rates across the whole world.