[lcw]

I don't think the Fed dispersing money had anything to do with it. If anything more money with low interest rates would increase the crypto market.

Oppositely I think the global fiat currency inflation and the Fed increasing interest rates sunk the Crypto market. Now you could argue that the Fed keeping interest rate so low for so long created more "money", which it absolutely did, but not directly. Banks created more inflation than the Fed printing money because loans became so lucrative at these interest rates and put more money in everyone's pockets. That allowed the stock and crypto market to grow though not crash. You increase interest rates the first thing to get squeezed is always going to be high yield high volatility investments like crypto followed by the stock market as banks and wealthy people divest to the stable now higher yielding bonds market, which should out pace inflation with a fraction of the risk.