Crypto investors had a rough 2018, but the wider markets also fell off a cliff over the last few months. The latter months of 2018 saw trillions of dollars wiped from global equities’ value. High-yield credit offerings are also basically frozen, which may explain why gold, Bitcoin and volatility are all trading together.
If people watch the financial markets, they tend to pay attention to the stock market. Very few people outside of the financial industry pay attention to the debt market, but that is where the last crisis unfolded.