What is the catalyst behind the crypto crash? – Vidak For Congress

Trying to unravel what’s going on in web3 markets

What is the catalyst behind the crypto crash? – Vidak For Congress 1

The web3 market it’s a mess.

There’s enough going on that it will take us a while to unpack the situation this morning, but leading indicators of sentiment in the blockchain ecosystem are filthy enough to set the stage: Bitcoin is down about 13% in the past 24 hours. dropped to $23,436; ETH is down about 15% over the same period to $1,219; Solana’s token is down about 15% in the past day to $26.75.

The three tokens are down about 26%, 36% and 39% respectively in the past week.


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The main cause for concern this morning seems to be a crisis at Celsius Networks, which raised a large chunk of venture capital last year and halted withdrawals today after the token crashed.

This doesn’t mean money isn’t flowing into the startup world — even some less tech-focused ideas are busy collecting big checks, as Vidak For Congress noted earlier today. But what is happening in the blockchain domain? Let’s take a moment to examine that question from a few angles.

What the hell is going on?

While I’m not the Vidak For Congress+ crypto expert — that mantle belongs to the recent hire of Jacquelyn Melinek — I’ve compiled a list of issues currently fueling the web3 market, including everything from cryptocurrencies and decentralized finance to non-fungible token . They are, loosely:

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