The downturn has impacted the broader crypto market, with Ethereum<\/a><\/strong>, XRP<\/a><\/strong>, and Solana<\/a> <\/strong>also facing steep declines.<\/p>\n

Analysts attribute Bitcoin\u2019s<\/a> <\/strong>drop to its strong correlation with tech stocks. Rebecca Patterson, a former chief investment strategist at Bridgewater Associates, explained that cryptocurrencies often mirror movements in the tech sector. She suggested that Bitcoin could see further losses if Nvidia\u2019s upcoming earnings report fails to meet expectations.<\/p>\n

Despite former President Donald Trump\u2019s vocal support for crypto and expectations of a more favorable regulatory stance, the market remains under pressure. Patterson believes that greater regulatory clarity in the coming months could encourage integration between crypto and traditional finance, potentially reducing volatility.<\/p>\n