The market is experiencing a broad sell-off, with significant drops observed in Bitcoin, Ethereum, gold, silver, crude oil, and major US stock indices like the SPX and Nasdaq. This widespread decline is attributed to factors including U.S.-Iran tensions, a surging dollar, and the nomination of Kevin Warsh to the Fed. The increased margin requirements on precious metals futures are also contributing to the deleveraging process, forcing traders to sell other assets to cover losses. Retail investors are capitulating, while larger 'whales' are observed to be buying, suggesting a potential divergence in market sentiment. The current downturn may echo the 2022 crypto winter, with the possibility of deepening if speculative excesses are not corrected.