Why is Bitcoin crashing?

Hello everyone, it's William, and today I will be talking to you about cryptos. As many of you may know cryptos like Bitcoin and Ethereum have been skyrocketing over these past months, Bitcoin reaching highs of over 68,000 dollars and Ethereum with highs of over 4,800 dollars and kept a consistent value for 2 months or so. But then just a couple of days ago Bitcoin suddenly crashed. Bitcoin had plunged down 20% to 42,000 dollars. The whole market value of cryptocurrencies was $3.7 trillion on Friday AEDT, but the speculative coins are currently only worth $3.1 trillion. A total of $570 billion was lost in a single day. And I know you are probably thinking, but why? Well, The total fall is a sign of market participants' loss of confidence in the market. The big selloff coincided with a stock market collapse and came after a warning from a longtime investor. The projected "tapering" by the Federal Reserve, according to Louis Navellier, will shatter the burgeoning crypto bubble. He recently stated that tapering will cause a "correction in risk assets, including bitcoin." They might eventually cause BTC to lose up to 80% of its value, potentially falling below $10,000. Personally, I agree with Mr. Navellier because Bitcoin exists in the online world and its value can be erased at any time, especially if powerful people like the Federal reserve are tapering with it.

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