Since November 2021, Bitcoin and other cryptocurrencies fell historically low, losing over 3 times in value. It's probably clear that a landslide as significant as this never comes singly – not because of a Murphy law but rather because of being just one of many outcomes caused by a domino effect. One of the premises of today's crypto winter is The US Federal Reserve's monetary tightening, which, in turn, is an attempt to fight inflation and likely interest rate hikes.
According to Euromonitor's global inflation tracking report, average annual global inflation from the beginning of the Millennium and up to 2019 constituted 3.8%. In Q2 2022, due to Russia's invasion of Ukraine, it hiked 7.9%.
Naturally, a vulnerability like this makes investors and businesses question cryptocurrencies' potential as an inflation hedge, as well as generally affects their sentiments. It seems like what was considered a modern means of effective investing is failing its promise, and blockchain doesn't really have a tangible safety harbor to offer. With that said, the main struggle of investors and businesses worldwide is to find that harbor.