First Mover Asia: Bitcoin Plunges to Mid-January Levels

"There's a lot of people that are scared that maybe the domino effect is just starting," Eddy Gifford, a wealth adviser for investment adviser Tactive. "There's FTX, now Silvergate, who's next? We also had news out of the Fed where (Fed Chair Jerome) Powell was very hawkish on raising interest rates likely higher than anyone wanted to even expect – and potentially keeping those rates higher for longer. In those situations, risk assets in general tend to decline, because valuations are a function of the ability to meet estimates and interest rate environment."