Stocks have been hit hard, but bitcoin prices been hit even harder — Quartz

Global stock markets have been whipsawed as concerns grow over a trade war between the US and China, and as central bankers raise interest rates and withdraw the stimulus that’s helped push equity prices higher. Bitcoin and its crypto cousins have also plunged amid the malaise, declining even more than major equity markets from Tokyo to New York.

The US Federal Reserve has led global central banks when it comes to tightening monetary policy after years of unprecedented stimulus. The US economy has been growing steadily, and signs of inflation are creeping in, prompting the Fed to boost borrowing costs last week, with more hikes expected in the coming quarters. Donald Trump, quick to boast about rising markets, appeared to pin blame for the declines on the Fed. “I think the Fed is making a mistake. It’s so tight, I think the Fed has gone crazy,” he said. (He also described the rate-setting institution as “going loco,” for good measure.)

The reasons for cryptocurrencies’…