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RE: The Crypto Markets have lost close to $800 Billion from their peak
As the traditional financial markets continue to also experience declines I am believing more that this is more a derisking of assets into liquidity like cash to delever portfolios using debt to increase returns. As that stabilizes, assets that are uncorrelated to economic and debt cycles will be in demand and lead to a new bid for bitcoin and other cryptocurrencies.
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That is likely a very big part of all of this as well. It is no coincidence that bitcoin and crypto is tanking at the same time all other risky assets are being sold off bigly.