‘Rich Dad Poor Dad’ Author Predicts Biggest Crash For Bitcoin and Stock Market, Here’s Why

At the time of reporting, the global crypto market cap stood at $2.26T, with a 3.30% decrease over the last day. Bitcoin is still trading below the $50k bracket, currently valued at $48k with a market cap of $900 billion. BTC has dropped 1.5 percent in the last 24 hours and a staggering 15 percent in the past week.

Crash Season Has Commenced

At the beginning of this month, the crypto market was hit with the most shocking crash, sweeping away approximately $500 billion in merely hours of time. The new COVID variant Omnicorn, along with over leveraged positions, and high funding rates on exchanges were blamed for the crash. Furthermore, many also claimed that the US regulator’s recent stance on strengthening crypto laws, especially stricter policies for stablecoins could have played a part in the crash. However, nothing has improved since. It appears that the bear season is upon us, and in the words of Robert Kiyosaki, this time around it will be the “Fake Inflation” by the US authorities that will trigger consecutive crashes.

Furthermore, the crash season had already begun by late November, with the leaked snapshot of Indian Crypto Bill, which led to speculations of an absolute ban. While the nationwide crash caused by the Indian crypto ban speculations was still under recovery, the market was slammed with news of the new COVID variant from South Africa, causing a global drop in global stock markets and the U.S. stock index futures, along with the cryptocurrency market.