What’s the catalyst behind the crypto crash? – TechCrunch

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Trying to untangle what’s going on in web3 markets

The web3 market is a mess.

There’s enough going on that it will take us a moment to unpack the situation this morning, but leading indicators of sentiment in the blockchain ecosystem are sufficiently nasty to set the stage: Bitcoin is off around 13% in the last 24 hours to $23,436; ETH is off around 15% over the same time frame to $1,219; Solana’s token is off approximately 15% in the last day to $26.75.

The three tokens are down roughly 26%, 36% and 39%, respectively, over the last week.

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The biggest driver of concern this morning appears to be a crisis at Celsius Networks, which raised a huge chunk of venture capital last year, and today halted withdrawals after its token crashed.

This doesn’t mean that there is no money flowing in the startup world even some less tech-focused ideas are busy raising big checks, as TechCrunch noted earlier today. But what’s going on in the blockchain domain? Let’s take a minute to explore that question from a few angles.

What the heck is going on?

While I am not the TechCrunch+ crypto expert that mantle belongs torecent hire Jacquelyn Melinek I have put together a list of issues that are currently tripping up the web3 market, which is inclusive of everything from cryptocurrencies and decentralized finance to non-fungible tokens. They are, loosely:

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