The Federal Reserve had created asset bubbles all across the economy. As interest rates shrank to historic lows, there became fewer places for people to get returns. This led to the dollar being worth less and less. It expanded the wealth of the tech titans enormously. Technology companies and cryptocurrencies were a match made in heaven. But then it wasn’t and that has a lot to do with the Federal Reserve hiking interest rates and deflating many asset bubbles, not just the cryptocurrency one.