Crypto markets just shed $130 billion in value after Fed Chair Kevin Warsh signaled tighter financial conditions ahead. The selloff triggered $200 million in long liquidations as traders got caught on the wrong side of the move. This marks another sharp reminder that Fed policy shifts hit crypto hard — when liquidity tightens, risk assets get hit first. The speed of the liquidations shows how leveraged the market remains, with over-extended longs getting flushed out in minutes. Watch how $BTC holds current levels — if it breaks support, more cascading liquidations could follow.