The early stage of this major correction should be attributed to the negative impact of Japan's interest rate hike. Later, it was due to the positive news about China's AI, which led to a significant drop in the stock prices of high-tech stocks in the entire U.S. stock market. This allowed the main players in the cryptocurrency market to quickly short the crypto market using this information, resulting in market panic selling pressure, causing retail investors to hand over their chips so that they could acquire them at a lower price.