According to a crypto analyst, the recent dip in the crypto market, including Bitcoin's drop towards $40,000, is more likely due to deleveraging rather than any significant news. The decline also affected other cryptocurrencies like Ethereum, XRP, Polkadot, and Cardano. The analyst believes that the market fall is a result of deleveraging rather than a specific catalyst. Around $300 million worth of crypto trading positions were liquidated, and there is caution among investors regarding aggressive bets on rate cuts. Despite Bitcoin's rally this year, it remains below its previous record. Bitcoin's rally has shown a low correlation with traditional assets, and its correlation with stocks and gold has diminished. One of the main drivers behind the gains is the anticipation of the approval of Bitcoin exchange-traded funds (ETFs) in the US.
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