Strategy and BitMine again in losses of billions of dollars. The head of BitMine, Tom Lee, listed a confluence of reasons for the fall of the cryptocurrency market:.
1) Investors sell crypto to pay off their margin calls on big tech stocks.
2) Investors are selling both stocks and crypto to free up funds to participate in Entropy's upcoming IPO.
3) Investors who received a refund from the Binance hack sell the received crypto to convert it to cash/stable coins.
4) The increasing frequency of hacking due to the advancement of artificial intelligence has caused new concerns in the markets.