<div id="readability-page-1" class="page"><div><div><p>Naruto Uchiha, TechFlow</p><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p><p>There was no crash, no black swan event, and no exchange or project absconding with the money; it was just that feeling of being slowly eroded.</p><p>It dropped a little every day, a little every day, wiping out over a trillion dollars in market value, yet there wasn't even a decent news story.</p><p>Just then, on February 21st, Bloomberg published an article titled &#34;Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides,&#34; with three core conclusions: Gold has stolen Bitcoin's narrative of macro hedging, stablecoins have stolen the narrative of payments, and prediction markets have stolen the narrative of speculation.</p><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p><p>No crash, no black swan event, no exchange or project running away with the money; it's just that feeling of being slowly eroded by a slow, painful process.</p><p>At this time, on February 21st, Bloomberg published an article titled &#34;Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides,&#34; with three core conclusions: Gold has stolen Bitcoin's narrative of macro hedging, stablecoins have stolen the narrative of payments, and prediction markets have stolen the narrative of speculation.</p><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p><p>No crash, no black swan event, no exchange or project running away with the money; it's just that the market prediction narrative has stolen the narrative of speculation.</p></div></div></div>

CORZ

RIOT

BITF

<p>Bitcoin has fallen below $64,000, losing over a trillion dollars in market value without any significant news events. Bloomberg's article titled "Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides" highlights that gold has taken Bitcoin's macro hedging narrative, stablecoins have claimed the payments narrative, and prediction markets have usurped the speculation narrative. This gradual decline reflects a slow erosion of Bitcoin's perceived value and identity in the market.</p>

- Bitcoin has fallen below $64,000, resulting in a loss of over a trillion dollars in market value without a significant event causing the decline.  
- A Bloomberg article titled "Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides" outlines that gold has taken over Bitcoin's macro hedging narrative, stablecoins have claimed the payments narrative, and prediction markets have usurped speculation narratives.  
- This gradual erosion highlights Bitcoin's diminishing role in the cryptocurrency landscape as other assets redefine the marketplace.

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Bitcoin's "narrative crisis"? Bloomberg is right, but only half right.