“Over the past couple of years, cryptocurrencies have become a global macro asset,” said Mikkel Morch, executive director at crypto hedge fund ARK36, in an email. “So it is to be expected that they will react negatively now when investors realize that central banks haven’t reacted nearly as aggressively as they will need to in order to get inflation under control.”
Bitcoin Drops Toward $20K Amid Contagion Risks in Crypto Markets
