Las Vegas, NV – Bitcoin’s recent plunge of more than 20% from its record high of over $109,000 just weeks ago has left many in the crypto world pointing fingers. Some Bitcoiners are quick to blame the rise of memecoins and the ensuing speculative frenzy that dominated the market, leading to a rapid decline in prices.

The chaos in the crypto market came to a head as memecoins associated with the incoming president and first lady crashed, leaving investors with significant losses. The native token of the Solana blockchain, SOL, plummeted over 50%, triggering a downward trend in major cryptos.

Despite the volatility in the market, Bitcoin managed to maintain a relatively stable range below its record high. However, a recent hack on Bybit disrupted the steady climb, causing Bitcoin and other cryptocurrencies to plummet.

Market analysts and experts are divided on the future of Bitcoin and the broader crypto market. While some remain optimistic, predicting new record highs in the coming years, others warn of a further decline. Geoff Kendrick from Standard Chartered advised caution, suggesting that a $1B ETF outflow day could be on the horizon.

While traditional markets have also faced challenges, with U.S. stocks experiencing their worst week since the Trump inauguration, there is growing uncertainty in the rate markets. The U.S. 10-year Treasury yield has dropped significantly, leading to expectations of easier Federal Monetary policy and increased chances of rate cuts.

Amidst the market turbulence, Kendrick believes that lower U.S. Treasury yields could benefit Bitcoin in the long run. The future of cryptocurrencies remains uncertain, with both bulls and bears closely watching the unfolding events in the market.