The entire crypto market is a drop in the bucket. It could all go to zero tomorrow and not have any significant impact on anything (except maybe risk sentiment for a short period).

The cheap cash situation on the other hand is the elephant in the room. Unprofitable companies are about to be under immense pressure.

I don't know if there is going to be much of a bang rather than a very long deep slide for equities (especially tech) as indices undergo P/E compression. When we start seeing 12 P/E then maybe things will turn around.