The SoFi stock price has crashed to a record low as student loan moratorium concerns remain. The shares declined to a low of $7.50, which was the lowest level on record. It has been in a spectacular sell-off, considering that it was trading at $28 in 2021. As a result, the company’s market cap has dropped to about $7 billion. Why have SOFI shares crashed? There are several reasons why the SoFi stock price has crashed lately. First, the company recently warned that Joe Biden’s moratorium on student debt will hurt its business. This is a notable statement considering that SoFi generates substantial income from student debt. Therefore, the company will likely see slow growth until the government ends its policy. With mid-term elections coming up, there is a likelihood that the situation will remain like this for a while. Second, like Coinbase and Robinhood, the SoFi share price has fallen sharply because of the weak performance of the stock and cryptocurrency market. As part of its super-app strategy, the company has been betting on stocks and cryptocurrency trading for growth. Therefore, its stock has fallen because of the sluggish performance of the sectors. For example, the Nasdaq 100 index has fallen by over 10% from its highest level this year. Third, SoFi share price has crashed to an all-time low as concerns about the Federal Reserve remain. Investors are worried that many unprofitable companies will be hammered as the Fed starts hiking interest rates. Indeed, most unprofitable fintech stocks like Affirm and Remitly have been falling. Still, there is light at the end of the tunnel. The cheaper valuation could lead to a bid coming from other big companies like Block and PayPal. Some private equity companies could also be interested. Also, there is a likelihood that the company’s share price will rebound as investors buy the dip. SoFi stock price forecast The daily chart shows that the SoFi share price crossed the important support level at $7.69 this week. This was a notable level because it was the lowest point since March 15th. It has dropped below all moving averages while the bearish momentum has continued. Therefore, for now, the bearish trend will continue because the trend is your friend. In the long-term, the stock will likely stage a strong recovery.