There’s Something Different About This Bitcoin Drawdown

Another year, another Bitcoin collapse. At least, that’s what it looks like from the outside. But look closer, and this time really does look different.

On Monday Bitcoin tumbled as much as 17% to $22,603, the lowest in about 18 months, after the freezing of withdrawals by the Celsius lending platform added to an overall risk-off backdrop as traders raise bets on more aggressive Federal Reserve tightening. Bitcoin is about to fall back below the highs of its previous halving cycle peak. That’s something that’s never happened before and matters for the investment case in crypto.