Crypto’s latest drawdown hit the majors in size: bitcoin fell about 8.1% over the past 24 hours and is down roughly 29.5% over the past 30 days, while Ether dropped about 9.4% on the day and about 41.4% over the past month; XRP was off about 10.3% in 24 hours and roughly 42.7% over 30 days, and Solana slid about 12.3% on the day and around 42.8% over the month.
While many point to the nomination of Kevin Warsh as next US Federal Reserve chair, renowned macro analyst Alex Krüger argued on X on Friday that it is the cumulative effect of narrative fatigue, weakening marginal demand, and a macro regime wake-up call that hit after the market had already started to roll over.
What Went Wrong For Crypto?
Krüger framed the move as a momentum break that turned into a seller’s market. In his telling, the “10/10 slaughter” — a nod to the sharpness of the unwind, with a pointed aside about whether he’d “get sued” for mentioning Binance — was less a mystery than a p
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