Bitcoin's price has declined significantly, falling to $108,400, nearing an 8% loss for the week. This trend appears to be influenced by the Bitcoin Asia Conference in Hong Kong, mirroring negative price behaviors observed during the annual U.S.-based Bitcoin Conference. Historically, Bitcoin tends to struggle during such events as overhyped announcements lead to inflated expectations and subsequent price corrections. As the conference commenced, Bitcoin was trading at around $115,000 but plummeted as influential speakers promoted themes such as 'freedom money' and urged for mass adoption of Bitcoin. The recent price action includes a sharp drop as key figures participated in discussions about Bitcoin's future. In parallel, the meme token DOGE also faced declines amid increased institutional selling and market caution.

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