Why are cryptocurrencies collapsing today? Now that Bitcoin is dead, this is the future.

In the latest cryptocurrency news, retail investors are asking, “Why are cryptocurrencies collapsing?” and “Why are cryptocurrencies down today?” amid a severe downturn in cryptocurrency markets.

This morning, cryptocurrency investors woke up to a massacre in the cryptocurrency marketsand the question that crossed our minds was, “Why are cryptocurrencies crashing today?”

BTC’s fall to the low of $59,100 represents the weakest performance since late February, marking a significant retreat from the mid-March peak above $73,000.

Other major cryptocurrencies such as Ethereum (ETH) and Solana (SOL) are also facing substantial losses.

Eswar Prasad, a senior professor of international trade policy at Cornell University, recently told CNBC that Bitcoin is “inefficient” and “environmentally destructive,” among other things.

Alright guys, 2012 has called and it wants it title Backwards.

These same ones affirmations have been made about Bitcoin since it was under the dollar. Here are the real reasons why cryptocurrencies are collapsing.

Why cryptocurrencies are collapsing: BTC had a 12-year bull run and was exploited

April turned bleak for Bitcoin and its competitors, potentially ending the month with the biggest decline since the FTX fiasco in November 2022.

The total capitalization of the cryptocurrency market shrank by almost -18%, the heaviest decline since June of the previous year.

John Glover, CIO of cryptocurrency lending firm Ledn, predicts a further sell-off for BTC, predicting a pullback to the low-to-mid $50,000 region.

(BTCUSD)

There are just 18 million Crypto wallets worldwide. This is less than 1% of the world’s population.

This means that if you own at least 1 Bitcoin, you are among the best 2% of all Bitcoin wallets. If you own at least 10 Bitcoins, you are in the top 0.47% of Bitcoin wallets.

The fundamentals of Bitcoin are still there, as always.

Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

A series of stagflationary US economic reports – pointing to slowing growth alongside accelerating inflation – rattled traditional markets, contributing to the decline of the Nasdaq and S&P 500.

These conditions have dampened expectations of rate cuts from the US Federal Reserve, placing further pressure on digital assets.

Historical patterns highlight a trend for cryptocurrency prices to decline during the summer months, suggesting that the current recession may persist in the near term.

DISCOVER: Here’s how to buy Bitcoin Dip

Now that cryptocurrencies are dead: what’s the next big thing?

Bitcoin is a simple and immutable protocol. It was built just to keep time.

This is why some call Bitcoin a “Time chain“—not a Blockchain. Many critics of Bitcoin do not understand the time scale on which BTC operates.

In 2036, 99% of Bitcoins will be mined. In 2045, 99.9% of it will be extracted. What do you think the price of Bitcoin will be in 2036?

It will be zero or even seven digits, and nothing in history indicates that it will be zero.

It would take an unknown unknown, if you own Bitcoin in 2024 you are still an early adopter. Saying that Etheruem or Bitcoin is DEAD is simply clicking for crypto news at this point.

TO EXPLORE: Is BTC Set for a Quiet Spring After the Bitcoin Halving Event? This is why traders are targeting Altcoins in the second quarter

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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