This whole Bybit hack has really put a damper on the crypto market. One minute Bitcoin was looking like it was about to break back above $100k, next minute it's back down to the low 90 thousands. Alts, of course, responded massively with huge drops across the board, leading to liquidations and much panic.

I more or less sat the whole news cycle out. I'm not even totally abreast of what the latest is. All I know is that, sooner rather than later, all this will blow over and we shall return to the bull market. That is, of course, if the bull market hasn't already topped out.

That's the thing with crypto - it all depends on the macro. Events in the bigger picture world have an effect on sentiments, fear and greed, which directly affect the price of bitcoin. Now with Wall Street money heavily invested in crypto, the effect is even more pronounced. The slightest news of a negative nature mostly leads to them dumping what they term "risky" stocks. Mostly tech stocks. Unfortunately, and as wrong as it is, that is what bitcoin is classed under - risky tech stocks!

As the market matures further and crypto secures its own asset class on Wall Street, perhaps the bitcoin chart will stop following Tesla, Microsoft and NVidia so closely.

Peace & Love,

Adé