Grayscale believes that Bitcoin's sharp decline may have started with a macro catalyst and accelerated as leveraged longs on exchanges were liquidated. After a period of low volatility in the cryptocurrency market, Bitcoin and other tokens have fallen sharply in the past two days. The biggest drop since early November 2022. The wide-ranging budget deficit in the United States and the quantitative tightening of the Federal Reserve have put pressure on the bond market, and this month, stocks and bonds have doubled. Minutes from last week's meeting showed that last month Fed staff no longer expected a recession this year.