It fell 30% because of Covid and recession in 2020. It was down as much as 30% yesterday of its peak but without either of those.

Not sure that’s the fully correct take. It only had time to fall 30 percent before the FED announced QE infinity which turned it around (FED solved liquidity issues). If that didn’t happen it would have likely fallen further.

Now we are having similar liquidity issues / dollar strength but the FED is not rushing to the rescue.

Context is important

there was the whole covid & recession thing too which factored into the fed's decision .