Is the 2008 crash repeating on a grand scale?

As of today, the Dow Jones Industrial Average Index has crashed by 2200 points from its high two days ago. This is appreciably more than the stock market crash in 2008, when the biggest two-day crash was around 1500 points. The stock markets have not seen such a drop since the US Congress rejected a $700billion bailout of the banks, following the financial crash in September 2008. Is this the beginning of an epic crash that will make the 2008 crash look like child’s play?

Ray Dalio billionaire investor, hedge fund manager, and philanthropist quoted:

We’ve Just Had a Taste of What the Tightening Will Be Like

In other words, fiscal stimulation is hitting the gas, which is driving the economy forward into the capacity constraints, which is triggering interest rate increases that are hitting the brakes, first in the markets and later in the economy.
To be clear, I’m not claiming to be smart about this. In fact, the opposite is true, as this is happening sooner than I expected. Still, these big declines are just minor corrections in the scope of things, there is a lot of cash on the side to buy on the break, and what comes next will be most important.

At the same time, the crypto market is crashing as well. We have seen Bitcoin fall to $5999, which is approximately 71.2% percent below December’s high of $20 000, and the total market cap has crashed from $832 Billion to $279 Billion as well.  This has immobilized the markets and brought a lot of uncertainty to speculators and investors.

At the same time, a lot of news is coming out that is depressing the crypto markets deeper into the red. China is threatening with a Great firewall that will disable Chinese residents’ access to offshore cryptocurrency exchanges and ICO websites. Then there’s also the Tether and Bitfinex scandal and a ban on purchasing cryptocurrencies with credit cards.

So, is this the burst of the bubble that everyone has been talking about? Anything is possible in crypto, but I personally don’t think so. It’s far more likely just a necessary correction, which will purge the crypto market of the so-called ”weak hands” and strengthen the position of good projects.