I think it is not a normal crash.A lot of things doing in world it effect it not only one

While the current crypto market downturn shares characteristics with previous crashes, it is influenced by a unique combination of factors. Here’s a comparison to provide more context:

1. Liquidations and Leverage: Like past crashes, the current downturn involves large-scale liquidations of leveraged positions. Over $1 billion in long positions were liquidated, creating a cascading effect as margin calls and stop-losses were triggered .

2. Market Sentiment: The shift in market sentiment from greed to neutral or fear is common in crypto crashes. This shift often leads to panic selling and further depresses prices .

3. Macroeconomic Factors: The disruption of the yen-dollar carry trade due to the Bank of Japan’s interest rate hike is a more unique aspect of this crash. It shows how interconnected global financial markets can impact crypto prices .

4. ETF Launch Impact: The launch of spot Bitcoin ETFs was expected to boost prices but instead led to a significant sell-off, which is somewhat unusual. Typically, such financial products are anticipated to bring stability and growth .

5. Geopolitical and Economic Uncertainty: Ongoing geopolitical tensions and recessionary risks in the US are adding to the sell pressure, which is a common background factor in many market crashes but varies in specific details and timing .

While the mechanisms driving the current crash are familiar—leverage, sentiment shifts, and macroeconomic impacts—the specific catalysts, like the BOJ’s rate hike and the unexpected reaction to​

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