A year ago, traders were lucky if they read the economist Paul Krugman and understood his point about interest rates. He's written several times, over the last

A year ago, traders were lucky if they read the economist Paul Krugman and understood his point about interest rates. He's written several times, over the last few years, that crypto has dynamics similar to gold, and gold gains value when real interest rates are low, but loses value when interest rates go high. So coming into this year, knowing the that Fed was about to raise rates, you could predict that both gold and crypto would have a bad year. Even if these various crypto exchanges had been perfectly managed, crypto still would have had a bad year.