Liquidity is the driver of all activity in crypto, and macro liquidity affects all crypto markets. Until global rates come down and borrowing becomes cheap again, there won't be any major "cycles" in crypto, a heavy risk-on asset class.

So at some point there must be disruption as opposed to continuing to tweak monetary policy a few bips at a time. People tend to forget that the Federal Reserve is an independent private institution which only resulted in the decline of the dollar since it was first instituted.