What Happened on May 19, 2021?

It was one of the biggest crash days in crypto history.

• Bitcoin (BTC) dropped nearly 30%, crashing from around $43,000 to as low as $30,000.

• Most altcoins, including Ethereum (ETH), saw drops of 30–50%.

• The total crypto market cap was nearly cut in half.

Main Reasons:

1. China’s Crypto Mining Ban:

China announced a full ban on Bitcoin mining, which had a massive impact since a large share of BTC’s hash power came from there.

2. Tesla Backtracks on BTC Payments (earlier in May):

Elon Musk announced Tesla would no longer accept Bitcoin due to environmental concerns — this triggered uncertainty and sell-offs.

3. Mass Liquidations:

Billions in leveraged long positions were liquidated, accelerating the crash even further.

🚨In the past 24 hours, $675 million has been liquidated from the crypto market.

Is it just a coincidence that it happened on the same day?