Bernstein attributes crypto plunge to stock market fears and macroeconomic concerns

According to a report from U.S. investment bank Bernstein, cited by Decrypt, the sharp drop in the cryptocurrency market today is more due to widespread fears in the stock market and broader macroeconomic concerns rather than internal crypto market issues. The report notes that there are no additional internal factors to explain the crypto market's decline, as Bitcoin ETFs have seen net inflows of over $17 billion this year. Furthermore, more major wirehouses are expected to support spot ETF trading in the third and fourth quarters, with asset managers likely to include Bitcoin in their portfolios as part of their asset allocation strategies. The report predicts that Bitcoin prices in the third quarter will be influenced by external factors such as presidential debates and the U.S. election, leading to likely fluctuations within a range until the presidential election.