Crypto market loses 47% in value in 7 days

John Wu, president of Ava Labs, the team behind altcoin Avalanche, for his part noted that recent news such as China and Musk are just excuses for the sharp movements - not the real cause.

"Over the last few months, growth stocks in the equity markets have been collapsing," Wu told Insider. "As institutional money entered crypto over the last year, the correlation between these high-growth tech stocks and bitcoin has tightened compared to previous years."

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