Because the people who touted it as a safe haven were the same ones selling it
Crypto started as a currency, but is treated like an investment. It's no wonder then it follows the direction of all investments.
Monero is actually used as a day-to-day currency, which is why when Bitcoin and other currencies fall, Monero falls some, but not to nearly the same extent. As an example, the other day, Bitcoin fell 17% in one day, where Monero fell 6%. That has a lot to do with the velocity of money and the fact that Monero changes hands frequently and so it's price stays more stable.
Some big institution bois took massive loans in yen and bought assets with it. Then annoying japan raised the rates! Panic sell to pay loans, because bosses told them so.
Because it is the same as regular markets. Backed by nothing fuelled by speculation
Crypto was once ~~touted~~ flogged as a ‘safe haven’ asset [by scammers]
In reality, crypto has always been a game of hot potato.
Who ever called crypto a safe haven? Bitcoin I heard, but crypto?