Crypto meltdown: Bitcoin loses half its value since record high

Nothing gets better headlines in the cryptoverse than Bitcoin (BTC-USD) being down 50% from its latest high. Traders are now debating the path forward amid an onslaught of selling pressure in the space, ranging from a bloodbath in the speculative tech sector to a mining and trading ban in Russia. Bitcoin plunged to $34,000 over the weekend (before paring losses), down from its record of almost $68,000 in November, and fell another 7% overnight to crash almost below the $33,000 level. Where are the HODLers? While Bitcoin is known to be volatile, the most recent forecasts from Cathie Wood's ARK Invest was calling for a surge to $500K, while MicroStrategy CEO Michael Saylor saw an eventual "6-handle," or a ride up to $6M. In fact, the latest decline has wiped out more than $600B in market value, and over $1T lost from the aggregate crypto market. Reports also suggest that the Biden administration is