Crypto Market Decline Underlines Its Unpredictability; Bitcoin Holds at $31K

In emailed comments, Jaime Baeza, CEO of Miami-based crypto hedge fund ANB Investments, noted the pressure of macroeconomic events, including inflation and a tightening of central bank monetary policy on stocks and digital assets but attributed the most recent drop-off in bitcoin “to the de-peg of the UST.” Baeza wrote that LFG’s decision to defend the peg by selling bitcoin reserves “accelerated the sell-off of the broader crypto market as panic spread, and a more black swan systemic-risk event loomed closer.”