In the history of cryptocurrency, there have been several key crash points that led to a large number of investors "liquidating their positions," "cutting losses," and "exiting the market." These points not only caused market crashes but also destroyed confidence, marking the moments when many people left the crypto space. Here are some of the most typical major crash points in history: 🟥 1. End of 2013 (Mt. Gox Collapse) Timeframe: December 2013 – 2014 Bitcoin peak: about $1,100 Lowest drop to: about $150 (over 85% drop) Background: At that time, the largest exchange Mt. Gox was hacked and went bankrupt, with users unable to withdraw their funds. Impact: A large number of early users lost everything, the crypto space nearly went to zero, and many people gave up. 🟥 2. End of 2017 – 2018 Bear Market Timeframe: All of 2018 BTC peak: about $20,000 (December 2017) Lowest drop to: about $3,000 (end of 2018) Drop: over 80% Background: The ICO boom faded, 99% of projects went to zero; Regulatory crackdowns; ETH dropped from $1,400 to $80. Impact: This was the first "mass wealth destruction wave" in the crypto space, many people quit their jobs to trade crypto, only to lose everything and exit completely. 🟥 3. March 2020 (COVID Panic Crash) Timeframe: March 12, 2020 BTC dropped from: about $9,000 → $3,800 (within days) Drop: 60%+ Background: Global financial market panic, stock market crash, and the crypto market followed suit. Severe liquidation: Billions of dollars in contracts liquidated across major exchanges, marking the most intense single-day crash in crypto history at that time. Impact: Many believed Bitcoin was "just like traditional markets," leading to a severe loss of confidence, with some people liquidating their positions and exiting. 🟥 4. May 2021 (Mining Ban + Regulatory Crackdown) Timeframe: May 2021 BTC dropped from: about $64,000 → $29,000 Drop: over 50% Background: China fully banned mining; Elon Musk tweeted that Bitcoin was "not environmentally friendly"; The U.S. began discussing crypto regulation. Impact: A significant drop in a bull market, many newcomers liquidated and exited, especially high-leverage users. 🟥 5. May 2022 (Luna-UST Collapse) Timeframe: May 2022 Luna price dropped from: $119 → $0 (zeroed out within days) Background: The algorithmic stablecoin UST lost its peg; Luna was infinitely minted; Hundreds of thousands of people lost their assets, affecting the entire industry. Impact: This was the first domino in the "death chain reaction" of 2022, severely damaging confidence, with many institutions and retail investors losing everything. 🟥 6. November 2022 (FTX Exchange Collapse) Timeframe: November 2022 BTC dropped from: $21,000 → $15,500 Background: The second-largest exchange globally, FTX, was found to have misappropriated funds and declared bankruptcy; User assets were frozen, affecting about 1 million victims; This triggered extreme market panic, even affecting CZ. Impact: The largest crisis in the history of crypto credibility, with many institutions and retail investors completely exiting.