WSJ: Crypto market plunges amid sell-off in high-risk assets

The cryptocurrency market is experiencing a broad decline driven by a sell-off in high-risk assets, The Wall Street Journal (WSJ) reported. Patrick Horsman, Chief Investment Officer (CIO) of the Nasdaq-listed company BNB Plus, which accumulates BNB, stated that investors are reducing their exposure to risk assets amid a pessimistic outlook. He suggested that Bitcoin could see a further decline to $60,000. Horsman also noted that the current downturn differs from past bear markets, which were often triggered by large-scale fraud incidents, as this one is proceeding without the collapse of major exchanges. The WSJ added that Strategy (MSTR), a pioneer in issuing convertible notes to acquire cryptocurrency, has for the first time signaled the possibility of selling its BTC holdings. The report warned that the crypto downturn could intensify if the net asset value of companies holding digital assets continues to fall, noting that shares of these related firms have already plummeted.