Bingo, you are spot on. People need liquid cash right now, they are scared for what may happen and dont want risk at the moment.

BTC is still a safe haven asset for long term wealth storage however, as we see evidenced by many companies and even governments adding BTC to their reserves. BTC is not meant to be a place to put money for a month, it is meant to store wealth for long periods; people know it is not going anywhere at this point, it is far beyond the risk of failure now, the world has already accepted it.

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