The main reason for the plunge was that the non-farm data released last Friday triggered the Sam's rule, and the market was worried about economic recession, which triggered panic in the financial market and led to a plunge in the entire crypto market.

The poor liquidity over the weekend exacerbated the panic in the market, leading to stampedes, and the continuous decline further amplified the panic in the market. During this period, some market maker teams and institutions sold a lot, including Jump's sale of Ethereum.