Bitcoin and Ethereum are suffering their worst selloffs since the pandemic, with both cryptocurrencies falling more than 20% this past week.

Given the larger macroeconomic factors at play, with Japan’s stock market also falling 12% on Monday to suffer its worst day since 1987, it’s strange to say, but crypto isn't performing as terribly as its historical volatility would have one expect.

The VIX, the market’s fear gauge, also shot up to its highest level since the pandemic after its largest single-day jump in more than three decades. Given all of that, many market commentators turned up the volume on calls for the Fed to intervene with emergency rate cuts.

As the market digested the crash, bitcoin fought its way back Monday from under $50,000 all the way to $54,000.

It's worth noting that analysts at JPMorgan had flagged that bitcoin had rallied ahead of its fair price back in a research note from July 18. Using gold's volatility-adjusted price as a proxy, JPMorgan analysts predicted bitcoin's fair price to be closer to $53,000.

"[T]he bitcoin price is too high at present," JPMorgan's analysts wrote weeks ago, comparing bitcoin's price to gold. "The metric ...  points to mean reversion around the zero line, thus constraining any upside potential for bitcoin prices over the longer term."

It's an impressive call that hit almost exactly where bitcoin would be expected to trade relative to gold. Considering the other price target to watch of $43,000, based on bitcoin production costs, it's still not clear if bitcoin is out of the woods just yet.

Given calls by many market watchers, including Wharton Professor Jeremy Siegel, for the Fed to issue an emergency rate cut following the market carnage, expectations are shifting rapidly. On Monday, traders were forecasting about an 85% chance of a 50-basis point cut at the Fed's next policy meeting. That was up from just an 11% chance a week ago.