Because last week saw a run of regulatory positives (CLARITY Act, Circle’s new financing, etc.) being rolled out one after another, the market was thriving and everyone felt calm and at ease. Then when the macro picture suddenly turned strong, it completely overwhelmed all those positives—and it was inevitable that the market would move downward.

This is actually a long-standing issue in the crypto market right now: in a bull market, people focus on narratives; in a bear market or during pullbacks, they watch the macro environment. The market is simply too small and too easy to be affected.
The CLARITY Act is a long-term structural positive, but in the short term, more capital is concerned with whether the Federal Reserve will keep taking a hawkish stance, and whether oil prices will be able to completely blow up inflation.
So the sudden drop is pure macro-driven risk aversion—it’s not that something major has gone wrong with crypto itself.
bitcoin:native At the moment, it remains to be seen whether it can hold the 78k support level. If next week’s U.S. data stays hot, or if geopolitical conflicts don’t ease, it could continue to churn and probe lower; if oil prices fall or there are new signals of rate cuts, it could rebound quickly.
This kind of market is a nightmare for ordinary people—better just stay put and don’t go looking for trouble!