Bitcoin has basically been treading water – left alone in the kiddy pool – since it crashed below the $20K level in June this year:
The reasons for the crash are always interesting ex-post, but the simplest is often the most likely, that being a speculative bubble popping just as central banks got underway to tackle the inflation genie. Commentators and punters are hoping this week’s slew of central bank meetings will be a catalyst for Bitcoin and other crypto’s to awaken from their deep slumber. The reality is, already depleted speculative funds from wiped out small punters cannot be found out of thin air that is currently choking under the weight of sustained interest rate rises.
In other words, folks don’t have any spare cash to make a bet on crypto when they need to pay an ever increasing mortgage bill.