BTC price levels have not been seen since 2020

What is going on?

Today, the price of Bitcoin (BTC) is around $21,000.Bitcoin fell to just above $22,000 during US trading hours on Tuesday. The drop accelerated Wednesday morning, with the cryptocurrency falling below $21,000 for the eighth consecutive day and losing 30% in the previous week.

The charts are all red and they're going in one direction - downwards.

Why?

According to experts, this is due to the overall global climate. Things aren't looking good just in the crypto world.
A recession is looming, inflation is skyrocketing, interest rates are rising, and living expenses are rising. Stock markets are also trembling, with the US S&P 500 now in a bear market (down 20 percent from its recent high).
As a result, even the most wealthy investors are less free with their funds. And many ordinary investors - not wealthy hedge-fund owners or corporations, but regular people like you and me - have less money to invest in anything.
In these uncertain times, many people believe that investing in something as volatile and unpredictable as cryptocurrency is a risk too great.Because it is unregulated and unprotected by financial authorities, if you invest in it with your savings and it loses value or you lose access to your crypto wallet, your money is gone.

Why now?

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Last month saw the collapse of two much lower-profile but nonetheless significant coins, which shook market confidence.
As a result, more people are deciding to sell their homes.
Because Bitcoin's value is proportional to its desirability, the more people who sell it, the less it is worth. This causes more people to sell because they can see the value falling... and the cycle continues.
Bitcoin, unlike other more traditional assets, has no intrinsic value to back it up - there are no bricks and mortar, revenue streams, or underlying businesses.

The past month news

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According to a filing, Coinbase Global is laying off approximately 1,100 employees as part of a cost-cutting strategy. Coinbase initially stated in May that it was reducing its hiring plans, but later stated that it would rescind new job offers.
Celsius, a cryptocurrency lender, halted all withdrawals earlier this week, citing "extreme market conditions," raising concerns about the firm's liquidity. Three Arrows, a prominent crypto fund, faced at least $400 million in liquidations and scrambled to reduce its collateral levels by selling key positions. Wednesday early morning.
Cryptocurrencies have emerged as a global macro asset in recent years.

Bitcoin is prone to volatility when the Federal Reserve announces an interest rate decision. However, the true impact of the announcement is often not felt until a few days later.
Chairman Jerome Powell confirmed today at the Federal Open Markets Committee Press Conference that the Fed will continue to work "expeditiously" to reduce inflation.