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Bitcoin
tumbled toward $60,000 this week as investors reassessed its utility. And while there isn't one clear catalyst driving the bloodbath, one thing is clear: the crypto market is in crisis.
"There's nothing going on in the marketplace that should have necessitated this type of a crash," Anthony Scaramucci, founder and managing partner of alternative investment firm SkyBridge, told CNBC. "And so I think that's made people, frankly, more fearful. ... You have to ask yourself, 'is it over for bitcoin?'"
The previous session marked one of bitcoin's bloodiest ever, with the token shedding more than 15% on the day. Its daily relative strength index fell to 18, putting the asset in extremely oversold territory. As of Thursday, other digital assets like ether
