Many of us in the cryptocurrency space have been waiting for the next major market contraction for several years, and it has finally arrived, in spectacular fashion. COVID-19 and government response to it are disrupting markets in a way that few could have expected, putting a massive strain on markets already leveraged to the point of malfunction. The US central bank, the Federal Reserve System (“FRS”), is running the same plays it did during the 2008 crisis to address the market contraction: a combination of reducing its target interest rate and using effectively-unlimited credit to backstop various markets directly. Since Bitcoin was released shortly after the 2008 crisis, many people have come to understand the substantial …