Because in the past week, the favorable regulations (CLARITY Act, Circle's new financing, etc.) have been introduced, the market has been thriving, and everyone was harmonious. However, when the macroeconomic factors came into play, all these benefits were overshadowed, and the market inevitably went down.

This is actually an old issue in the current cryptocurrency market: bull markets focus on narratives, while bear markets/corrections focus on macroeconomics; the market is too small and too easily influenced.

The CLARITY Act is a long-term structural benefit, but in the short term, investors are more concerned about whether the Federal Reserve will continue its hawkish stance and whether oil prices will completely blow up inflation.

So, the sudden drop is purely driven by macroeconomic risk aversion and not because there is a major problem within cryptocurrency itself.

Currently, bitcoin:native needs to see if it can hold the support level at 78k. If US data continues to be hot next week, or if the geopolitical conflicts do not ease, it may continue to oscillate and drop; if oil prices fall or there are new signals of interest rate cuts, it may rebound quickly.

This kind of market is hellish for ordinary people; it's best to just stay honest and not join the frenzy!

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