The search term ‘Bitcoin Crash’ is trending — Here’s why

cointelegraph.com:

Last year, the word “crypto” was trending all over the internet as the crypto market was generally flourishing. 

However, now it appears that the good fortunes of digital coins havee waned as cryptos have slipped into a serious bear market. Bloomberg recently reported that while the short-term investors wasted no time in dumping their holdings, even the old-timers are now exiting the scene.

The most recent Bitcoin (BTC) crash saw the asset’s price go as low as $17,000, its lowest price since late 2020. Reflecting the general air of uncertainty among investors in the cryptocurrency market, “Bitcoin is Dead” is beginning to trend once again, at least, according to the data from Google Trends.

But, while downturns may generally be a part of crypto markets, things continue to look bleak for crypto.

Bitcoin has slipped nearly 70% from its November record high, but it all started in March when CNBC reported that the Federal Reserve approved its first rate hike in three years. That singular act went on to be a major turning point, putting downward pressure on risk assets like Bitcoin. Meanwhile, a series of other events soon followed that also impacted the crash of Bitcoin, including Russia’s invasion of Ukraine and the Terra crash.

Rob Schmitt, chief operating officer of infrastructure provider Toucan, told Cointelegraph:

First Digital global digital payments firm CEO Vincent Chok insisted on the Luna Classic (LUNC) collapse being the major cause of the crash. He told Cointelegraph:

“This is a part of the normal market cycle. The primary trigger was not geopolitical conflict, but the LUNC collapse and the systemic risks associated with the large exposure to this token.”

The collapse triggered margin calls for hedge funds and defined