The macroeconomic conditions surrounding the equity markets won't allow for bull runs for the next year or so.
Right now, the drops in price are more about the domestic and global scenario than typical price action. The interest rate hike and ubiquitous fear of a hard economic landing (a forced recession) are causing countless investors/financial institutions to liquidate risky assets. Asset markets generally run on leveraged (loaned money) trading/investing, and the higher interest rate makes it more expensive to take loans. For that very reason, equity markets (stocks, crypto, real estate, etc) are bound to dump since the activity will now be limited.
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