Bitcoin has experienced a dramatic decline, falling from a record high of $122,000 in October to as low as $60,000 this week before rebounding slightly. The sell-off has been driven by a combination of factors, including warnings from prominent investors, a broader downturn in tech stocks and precious metals, and concerns over global economic conditions. The recent nomination of Kevin Warsh as chair of the Federal Reserve and persistent high interest rates have further dampened sentiment in the crypto market. Analysts suggest that traditional investors are losing interest, and while some believe bitcoin may be nearing a bottom, others warn it may not return to previous highs.