UPDATE: CRYPTO CRASH DRIVEN BY US LIQUIDITY, NOT FUNDAMENTALS: RAOUL PAL The $250B crypto market wipeout is macro-driven, @RaoulGMI says. He argues US dollar liquidity shortages are the real cause. No evidence points to a crypto-specific breakdown.

QCP: BTC fell below $80,000 after Kevin Warsh was confirmed as the next Fed Chair, triggering broad deleveraging. BTC briefly hit $74,500, ETH dropped below $2,170, and over $2.5 billion in leveraged longs were liquidated, with $74,000 and $80,000 as key levels to watch.