The inflation rate is at 40-year highs, prompting the FED to accelerate its planned monetary tightening policy. In other words, the fed is raising interest rates in order to try and slow the rise in prices but more importantly, inflation expectations.
Inflation is simply too many dollars chasing too few goods. Over 1/3 of all dollars ever produced in the US have been made in the last 18 months.
The action you saw in crypto, NFTs, AMC and GME and all the other dumb money ideas was a sign that there was too much money. The fed waited too long it appears, and now you pay $8 for a $5.99 coke twelve pack