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The crypto assets market has recently experienced a significant pullback, with a market capitalization evaporation of about $340 billion since it reached an all-time high on August 14, resulting in a decline of 7.3%. As the market leader, Bitcoin has fallen by 7.5%, while Ethereum has dropped even more by 10%, attracting the attention of investors.
Renowned analyst Alex Krüger provided a unique insight into this phenomenon. He believes that the traditional four-year cycle theory is no longer applicable to the current market. Nowadays, the volatility of the crypto assets market is more influenced by macroeconomic factors rather than the cyclical changes of Bitcoin itself. Krüger points out that Bitcoin's behavior patterns are increasingly resembling those of stocks, with reduced volatility. Especially after the approval of spot ETFs, the speed of Bitcoin's rise has also become relatively slow.
It is worth noting that the upcoming speech by Federal Reserve Chairman Powell may have a significant impact on short-term market trends. However, based on historical experience, similar market pullbacks are often viewed as "bear traps." Similar situations occurred in 2017 and 2021, and the market subsequently reached new highs.
Does this round of pullback indicate that the crypto market is about to enter a bear market, or is it merely a brief adjustment within the bull market? Investors need to closely follow market trends, weigh various factors, and make informed decisions. At the same time, this also reminds us that the high volatility and uncertainty of the crypto assets market still exist, and investment should be cautious.