'This is absolutely INSANE': Bitcoin’s weekend crash exposes the cracks beneath crypto’s latest boom

Here is what happened this weekend and what it means for the crypto industry. What to know : Bitcoin has plunged to about $77,000, erasing roughly $800 billion in market value since its October peak and knocking it out of the global top 10 assets as leveraged long positions are liquidated. A sharp escalation in U.S.-Iran tensions, a surging dollar after Kevin Warsh's Fed nomination, and cascading forced liquidations have driven a broad sell-off across crypto, gold, silver and U.S. stock futures. While small retail holders are capitulating and selling, large "mega-whales" are quietly buying, as analysts warn that the current downturn may echo the 2022 crypto winter and could deepen if speculative excess is fully unwound.