The current bear market in cryptocurrencies in 2025 is likely due to a combination of factors such as:

1. Challenging economic environment (slowdown, high interest rates).

2. Increased regulation (uncertainties related to new laws).

3. Security issues or scandals (hacks, fraud).

4. Negative sentiment and speculation (massive sell-offs after a surge).

5. Limited adoption (stagnation of actual usage).

6. Technological competition (new, more efficient blockchains).

These elements, alone or in combination, can explain the current decline.

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