I actually do follow the news. A lot has been happening that is causing bitcoin to drop lately.
1) Seasonal Selloffs.
Usually people buy in summer-fall and sell in winter-spring. This typically is because college kids buy in during summer, stopping once school gets going. Meanwhile actual traders sell in winter to lower their tax burdens and spring to cover their taxes. This is an old pattern.
2) Several big exchanges went bankrupt
BlockFi, FTX, and other exchanges related to them all collapsed. Apparently the big guys were taking loans out with each other. So when one collapsed, it took the others with it.
3) The SEC has been seriously cracking down lately.
Nexo, Kraken and other crypto exchanges are getting cease and desist orders from the SEC for "selling unregistered securities" due to the fact they offer means of investing in cryptocurrency. Nexo offered interest-bearing crypto savings accounts. Kraken offered staking pools. The funny thing is that there is no real way to register a crypto security. Other countries are doing the same thing, but America is the worst. As the US is also the biggest market, this is bad for crypto prices.
4) Bitcoin is over valued and has been for a long time
Personally, I feel bitcoin has been over valued for a few years now. It offers nothing but name recognition with little to no utility that can't be done elsewhere with lower fees and better options. We have been past the smart money stage for a long time. Just like Joe Kennedy noticed in 1929, when even the shoeshine boy is in on it, it's time to get out. And we are to that point with Bitcoin.
Mix it all together and you have smart investors staying away, new investors freaking out and running away, and stubborn holders continuing the seasonal sales trends. This will cause the price to drop.
