Major Black Swan Events in the Cryptocurrency Space: A Deep Dive into Market Volatility under Risk Surge

1. February 2014 | Mt. Gox Collapse

The world's largest Bitcoin exchange Mt. Gox was hacked, with 850,000 BTC stolen (accounting for 7% of the total at that time). Bitcoin's price plummeted from $800 to $100, a drop of 80%, exposing fatal security vulnerabilities of centralized exchanges and severely damaging the industry's trust foundation.

2. September 4, 2017 | China's ICO Ban

The central bank and seven ministries completely halted token financing, causing Bitcoin to drop 30% in a single day (from $4,100 to $2,817), with over 80% of cryptocurrency market value evaporating. Many projects moved overseas, initiating a painful period of industry compliance.

3. March 12, 2020 | Black Thursday

The COVID-19 pandemic triggered a global financial tsunami, with Bitcoin halving in 24 hours (from $8,000 to $3,800) and Ethereum crashing 70% (from $288 to $88). Over 500,000 people faced liquidation, and market confidence fell to a freezing point.

4. May 19, 2021 | Regulatory Storm

The China Internet Finance Association reiterated the ban on virtual currency businesses, leading to a 30% intraday drop in Bitcoin (from $42,000 to $29,000) followed by a rebound. 600,000 contracts were liquidated, and $7 billion vanished, marking the industry's darkest moment of mutual destruction.

5. May 2022 | Luna's Zero

The Terra ecosystem's Luna coin decoupled from the UST stablecoin, causing Luna's market value to plummet from $40 billion to zero, dragging Bitcoin down from $40,000 to $10,000. This chain reaction led to the bankruptcy of Three Arrows Capital and accelerated the bear market.

6. November 2022 | FTX Collapse

The world's second-largest exchange FTX was exposed for financial fraud, leading to a bank run that triggered a liquidity crisis and bankruptcy. Founder SBF was imprisoned, and Bitcoin dropped to $15,000, causing another collapse of industry trust.

7. February 3, 2025 | Deepseek Shockwave

The AI concept bubble burst combined with Trump's tariff policies, leading to capital flowing back to the dollar. Ethereum plummeted to $2,100, over 710,000 contracts were liquidated, exceeding $10 billion, and altcoins collectively collapsed, shrouding the bear market in gloom.

Risk Warning: Black swan events are frequent in the cryptocurrency space, and historical volatility proves that high returns coexist with high risks. Investors must strictly adhere to stop-loss disciplines, remain vigilant against leverage traps, and maintain rationality amid dual uncertainties in policy and technology.