Bitcoin crashes below the previous cycle's all-time high for the first time in its history, falling to $17,600. The collapse is driven by contagion from the Terra/LUNA implosion and the insolvency of Three Arrows Capital (3AC), which triggers the largest crypto margin calls ever seen. Celsius, Voyager, and BlockFi all freeze withdrawals. The carnage proves that leverage and centralized lending platforms are the real risk -- not Bitcoin itself. BTC recovers within months while the lenders stay dead.
Wikipedia: 2022 Crypto Crash