People over-leveraging themselves to buy Bitcoin, which anyone with real experience has already moved on from for better designed crypto by the way, is a clear sign that right now we are at peak hype in this space.

This is me speaking as someone who read the white paper on Bitcoin in 2010, and then mined on my GPU for all of 2011-2012 to help build out the network. I have since moved on, as have other practitioners.

The only people that remain on Bitcoin are retail speculators, governments with seized assets, and financial institutions. It’s not a healthy makeup, and extraordinarily toxic to the greater crypto community as a whole in my honest opinion.

A combination of Mississipi bubble [1] and The Great Depression. Here we have a conversion of debt into suspicious equity and at the same time leveraging to invest (i.e. buying with the money you don't have). Both usually end in bankruptcies, financial ruins, suicides, homicides...

[1] http://www.thebubblebubble.com/mississippi-bubble/