China mining ban was likely part of it but I think it was secondary.
The divergence of capital toward altcoin projects and crypto startup equity was the bigger factor imo. And divergence toward meme stonks, popular big retail tech stocks like Tesla, etc.
this was my line of thinking as well, but I’m regarded…now I feel much better about myself seeing you write this 🤣
I don’t disagree with you and almost added that to the post as well. But I still favor the China ban (and resultant 50% drop in hash rate) as the primary driver.
Of course, we’ll never know the answer. But it’s fun to speculate.
The upside is that I think—contrary to the 2020-21 bull market—most price predictions will actually be too low. People may not be bullish enough for what’s coming…
