Because of DEBT. Organisations borrowed fiat cash to keep the crypto show going. This all started to unravel when borrowing costs went up. Many crypto business

Because of DEBT. Organisations borrowed fiat cash to keep the crypto show going. This all started to unravel when borrowing costs went up. Many crypto businesses used their coins as collateral for loans, as the market collapses their counterparties force liquidation which forces the price downward which forces even more liquidation. And now we are learning how much leverage went into crypto. It's like the GFC except that (1) it seems [mostly] contained in the crypto world and (2) there will be no government backstop. https://twitter.com/hodlKRYPTONITE/status/1537602932052758528?s=20&t=-v5y8JQ31sni6_AVV09mkg https://twitter.com/hodlKRYPTONITE/status/153760293205275852... Wrt to QQQ this is a combination of inreased borrowing costs makes the ongoing game of share buy-backs more expensive; the increased in treasury yield increases the discount rate which reduces the net present value of future cashflows which reduces valuation; increased inflation greatly reduces value of money in the future; and we are very likely going to enter a recession which will reduce earnings and growth.