Bitcoin collapse hits “darkest phase”

The bear market for Bitcoin has entered its “deepest and darkest” phase, with even long-term holders who had toughed it out until now coming under extreme pressure.

“The current bear market is now entering a phase aligned with the deepest and darkest phases of previous bears,” the strategists wrote in a note. Digital-asset investors have been partially spooked by crypto lender Celsius Network Ltd. pausing withdrawals, swaps and transfers, though the broader market remains under duress after a key inflation print came in hotter than expected last week, meaning that the Federal Reserve will have to be aggressive in its attempts to cool rising prices.“It has become another helpful indicator of sentiment and risk assets generally,” she said on a podcast.

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