At the end of 2020, the cryptocurrency market began to take off.

By May 2021, the market had been booming for six months, with many cryptocurrencies skyrocketing hundreds or even thousands of times, allowing a large number of ordinary people to achieve financial freedom.

New concepts such as DeFi, GameFi, NFT, public chains, and Web3 emerged one after another, and technological innovations continued to advance, creating a prosperous market environment.

At that time, the industry slogan was 'eternal bull market', and many predicted that BTC would rise to $100,000.

However, on May 12, the market suddenly began to plummet, and many saw this as an opportunity to buy the dip, even adding leverage to enter the market.

By May 19, the market completely collapsed, prices plummeted, triggering a large number of liquidations.