The current market chaos in US banking, tech, and cryptocurrency is hard to summarize without using the common moniker FUD (fear, uncertainty, and doubt) in a very literal sense.

After the pandemic, the Federal Reserve raised interest rates in the US. Inflation went up; interest rates continued to rise. This flew in the face of years of enjoying low-to-no interest rates, first introduced with the goal of ensuring a stable economy.

However, cryptocurrency markets tumbled when FTX was identified as a fraudulent actor in November. Its main banking partner, Silvergate, served most prominent crypto firms — but when it began to experience a credit and liquidity crunch, depositors exited en masse and loan markets dried up.

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