"One day in the cryptocurrency world is like one year in the real world." In this circle, there are always legends of getting rich overnight, but there are also tragic cases of losing money overnight. A person in the cryptocurrency circle revealed on a social platform that since he entered the cryptocurrency circle in May last year and started leveraged contract trading (that is, over-investing with small amounts of funds, which will amplify the returns while also amplifying the risks), he had accumulated losses of more than 2 million yuan and debts of more than 1 million yuan by the evening of June 19 this year. "In order to make a profit, I kept investing, but the daily losses were like digging a hole, digging deeper and deeper until I couldn't get out of it."

On June 19, Bitcoin (BTC) fell to its lowest price in nearly 18 months, only $17,600, causing hundreds of thousands of people to go bankrupt (losses were greater than the margin in their accounts). In November last year, Bitcoin reached its historical peak price of $69,000. In other words, in the past six months, Bitcoin has fluctuated and fallen by 70%. As of June 26, Bitcoin slowly recovered to around $21,000.

Behind the sharp drop in the price of cryptocurrencies, unprecedented dramatic events have taken place one after another in the cryptocurrency circle. The Federal Reserve has raised interest rates three times this year, and the appreciation of the US dollar has increased the pressure on the depreciation of risky assets. Investors have turned to investing in safer assets, and the market has adopted a cautious attitude towards high-risk assets, including virtual currencies.

In addition, Luna, which had a peak price of $119 in April, fell sharply in May and was only a few cents on May 12. This thunderstorm has triggered a chain reaction in the past 50 days, and pessimism has continued to spread. Many companies have been affected and have fallen into crises such as suspension of trading and withdrawals.

In a recent interview, Jackson Palmer, co-founder of Dogecoin, compared investing in cryptocurrencies to playing "roulette" and said that the bottom of the cryptocurrency "house of cards" has "begun to collapse." He said that although the recent cryptocurrency plunge does not mean the end, many people have realized the "systemic risks" it brings.

The carnival feast of the cryptocurrency circle eventually went into a downturn. In these negative events one after another, people in the crypto circle deeply felt that the cold winter has come. Many cryptocurrency players slowed down or directly stopped their cryptocurrency trading activities. Some extreme views even believed that they should be wary of the risk of Bitcoin returning to zero. It is undeniable that no matter how the cryptocurrency circle will go in the future, this wave of "bear market" is far from bottoming out.

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