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I just noticed an interesting phenomenon: the oil tanker attack incident pushed oil prices higher, now exceeding $100, and as a result, Bitcoin has instead fallen below $69,500, and is now around $74,010.
This is a typical example of the reason behind Bitcoin's sharp decline. It seems that fluctuations in the traditional energy market do indeed influence the sentiment in the crypto market. When commodity prices rise, investors may shift toward more conservative asset allocations, and risk assets like Bitcoin tend to be sold off.
Interestingly, this correlation wasn't very obvious before, but now Bitcoin's linkage with traditional finance is becoming increasingly tight. It feels like the entire market is re-pricing risk. Have you also noticed recently that the reasons for Bitcoin's big drop are related to macroeconomic factors?