The small stock market crash hit the crypto market hard. Unfortunately, it reinforced the image of the emotionally driven retail investor and the rational institutional investor. While frightened retail investors sold in a panic, so-called whales and professional investors took action.
The discounts of 20 to 30 percent on selected cryptocurrencies were too tempting. As painful as the stock market crash was, it also raised hopes for faster and more aggressive liquidity expansions; US interest rates are too high.
The US dollar has put the yen in a difficult position and the US dollar must save the yen, as well as the rest of the currency world, again. The best antidote: loose monetary policy and increasing government spending. After all, nobody wants asset prices to fall any further.