NYDIG: Bitcoin's slide has no single cause. AI, tech IPOs, quantum, Strategy sale all play a role, NYDIG says

Not one, but several overlapping headwinds are hitting the crypto market at once, weighing on bitcoin's price, the firm's head of research Greg Cipolaro said. What to know : Bitcoin's weakness stems from multiple converging headwinds rather than a single catalyst, NYDIG's Greg Cipolaro said in a report. AI momentum, high-profile tech IPOs, quantum and security fears, sanctions on Iranian crypto exchanges and Strategy's BTC sale all played a role in the selloff, he said. Onchain metrics point at a major bottom nearing, but the drawdown has remained modest compared to previous bear markets.