It's the same reason the bubble in tech stocks crashed in the same general time frame that all of the crypto crashed, and the housing market began to freeze up.
It's risk off, as the Fed pushes up rates and investors and speculators grow increasingly fearful of more to come. The cost of debt and leverage also went up considerably.
Or as Warren Buffett likes to put it, you can think of interest rates as gravity as it pertains to asset prices and speculation.
It's the same reason the bubble in tech stocks crashed in the same general time frame that all of the crypto crashed, and the housing market began to freeze up.
It's risk off, as the Fed pushes up rates and investors and speculators grow increasingly fearful of more to come. The cost of debt and leverage also went up considerably.
Or as Warren Buffett likes to put it, you can think of interest rates as gravity as it pertains to asset prices and speculation.