[credit_guy]

There is no back of the envelope calculation.

Finance has lots of feedback effects. Lots of hedge funds invested in crypto. Hedge funds use leverage, which means they invest with borrowed money. When their investments go up in value, those who lend them money (their brokers) are happy to increase the loans. But when the investments go down, they make margin calls. In times like this the hedge funds don't have access to cash, so they need to sell their assets. And they sell in a falling market. Their forced sales drive further price declines, which will in turn force others to start liquidating. It's a vicious cycle.

Will it stop? That's a trillion dollar question. My guess is no.