opinion

Bitcoin has for a long time led the way for the market, so its recent struggles may suggest the worst hasn’t passed for markets.

John Rapley is a contributing columnist for The Globe and Mail. He is an author and academic whose books include Why Empires Fall and Twilight of the Money Gods .

After the influential New York Federal Reserve president made a speech last week suggesting he would support another interest rate cut, it appeared a majority on the Federal Open Market Committee (FOMC) had formed in favour of further easing. After a few weeks of turbulence, stock markets celebrated the expected return of easy money and re-entered party mode.

Yet one asset class has largely sat out the rally so far – crypto. Although most market indexes are back near the all-time highs t

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