Microstrategy aside, we are in a massive negative feedback loop of untolled thousands of leveraged crypto longs being liquidated while their equity positions are facing the same problems.

This is the scene in the film Margin Call where Jeremy Irons informs everybody that "You don't understand! This!Is!It!"

The key difference is the US Federal Reserve had interest rates back then around 4-5%, a balance sheet of about $50 BILLION, and no meaningful inflation to address. I.e., they had unlimited tools to work with to fix it.

There is nothing that any central bank can do this time. This time, it really IS it.