Is the credit bubble bursting?

The collapse in US tech and Bitcoin says it is

In recent days, there has been a dramatic fall in tech stocks as shown in the first chart below. In the second chart, Bitcoin which showed earlier signs of losing momentum, confirms.

Plainly, the feed of credit into speculative momentum plays is faltering. The chart of margin account leverage confirms that the wrong sort of players is getting caught, with highly leveraged plays yet to be unwound.

How serious is it?