On August 14, the cryptocurrency market saw a significant drop in mainstream coins like Bitcoin and Ethereum, primarily due to factors such as regulatory policies, forced liquidations from leverage trading, and weakening technical patterns. The specific analysis is as follows:

1. Regulatory policies trigger panic: The U.S. House of Representatives passed a stablecoin regulatory bill. Although this is beneficial for compliance in the long term, the short-term implementation of policies has triggered panic selling in the market. Additionally, infighting among Republican lawmakers and the failed vote on the 'GENIUS Act' promoted by Trump have shaken market confidence in policies, leading to cautious investor sentiment and further declines in mainstream coin prices.

2. Forced liquidations lead to a cascade effect: Recently, the contract positions in the cryptocurrency market have been continuously rising, reaching an all-time high. When prices fluctuate, high-leverage trading has led to a 'cascade of liquidations.' For example, Bitcoin had just reached a new high, and a large number of profit-taking sell-offs made it difficult for leveraged investors to bear the losses, resulting in forced liquidations that further exacerbated the downward trend in the market.

3. Technical indicators under pressure: From a technical perspective, Bitcoin formed an 'M-shaped double top' this week, with bullish momentum gradually weakening. Meanwhile, Ethereum experienced a significant cumulative increase during the week, leading to a notable diversion of funds. Technical analysts' warnings about market trends also prompted some investors to choose to exit, resulting in a sharp decline in mainstream coin prices.