According to @CryptoMichNL, altcoins are dropping sharply with leveraged long positions being liquidated, signaling severe risk conditions for traders in the crypto market; source: @CryptoMichNL. He adds that he has rarely seen conditions this harsh in his experience, underscoring the depth of the current selloff; source: @CryptoMichNL. He states that market confidence likely requires a swift rebound within the next 1–2 weeks to stabilize sentiment; source: @CryptoMichNL.