5 May 2022 Luna incident: The "Princess" of the currency circle collapsed. In May 2022, the Luna coin and UST stablecoin of the Terra ecosystem collapsed. The market value of Luna coin dropped from 40 billion US dollars to zero overnight, and the price plummeted from more than 100 US dollars to almost zero. Bitcoin also fell from 40,000 US dollars to 30,000 US dollars. In June of the same year, affected by the Luna incident, Three Arrows Capital went bankrupt, and Bitcoin further fell to 10,000 US dollars.

6 November 2022 FTX explosion incident. In November 2022, the world's second largest cryptocurrency exchange FTX was exposed to serious financial problems. A large number of users withdrew funds in panic, causing FTX to face a liquidity crisis and eventually declare bankruptcy. Its founder SBF (Sam Bankman-Fried) was also imprisoned for this. The price of Bitcoin fell to 15,000 US dollars, and the entire cryptocurrency market fell into a crisis of trust again.

7 February 3, 2025 Deepseek incident: 710,000 people were liquidated. On February 3, 2025, the emergence of Deepseek broke the AI ​​bubble in the US stock market and the cryptocurrency circle. At the same time, Trump increased tariffs on many countries after taking office, triggering panic, causing funds to flow back to the US dollar and a sharp drop in the cryptocurrency market. The price of Ethereum plummeted to $2,100, and many altcoins returned to the low point of the bear market, and 710,000 people's contracts were liquidated.

The market is also like this. There is no pause in migration, and it will eventually change. Everything is impermanent.

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