Crypto carnage: Bitcoin under $34K, down 50% from all-time high

The big swings in equities are being echoed in crypto markets as volatility sends risk assets into a tailspin. On Monday, Bitcoin (BTC-USD) dropped another 3.6% to as low as $33,316, more than 50% off the record high of $67,802 seen in November 2021. Ethereum (ETH-USD), the second-largest cryptocurrency, was also under pressure, as well as most of the cryptosphere. "If risk sentiment continues plummeting, the chicken bones on the technical charts suggest Bitcoin could be on its way to $28,000 and then $20,000," said Jeffrey Halley, a senior market analyst at OANDA Asia Pacific. "HODL on for dear life." Is the everything bubble deflating? Markets are up against a series of forces that are challenging the investing landscape.