I don´t think those were the reasons. Why is inflation bad for a hedge against inflation?
The no. of wallets being down is rather a consequence of the constant slide of the BTC price rather than its root cause.
And the Kazakh shutdown? It just shows how strong the decentralication of BTC mining is, if no harm at all was done to the network performance if the second largest mining nation stops from one minute to the other - in fact a bullish factor.
I think the main reason is that the market expects a more restrictive monetary policy from FED. Less money printing -> less money available for tech stocks and cryptos.
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perhaps you're right
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