The crypto market had a rapid downturn in just a few days, resulting in a significant reduction in the market's capital. analysts are blaming Powell’s speech, but I disagree.

Market Down

     The value of Bitcoin fell below $100k. Altcoins also fell dramatically: ETH fell below $4k, DOT went below $8, SOL dropped below $200, BNB plummeted below $700, ADA slid below $1, and so on.

Powell Speech

     Some analysts contend that Jerome Powell's speech, which caused the stock market to crash, is equally to blame for the cryptocurrency market's decline. However, I believe that governments cannot shut down crypto; thus, their impact on the crypto market is as minimal as their authority.

Government Support Still Helps

     If the government provides support to the crypto market, this will still help because centralised and decentralised platforms will be encouraged. I'm sure the crypto market will examine the US economy after Biden departs.

Originally published at Grill, and on Wubits as thread