Back to collection5·19: The first basin of ice water in the bull market
Starting in the afternoon, the market seemed to have been swept away from the floor. BTC plummeted from 43,000 to around 30,000 during the session; ETH was even worse, falling from 3,400 to below 2,000, almost halved in a single day. The news that China reiterated its strict prohibition on financial institutions providing encryption services became a trigger. Leverage bulls stepped on it step by step. Several top exchanges were stuck and down during the most panic period. People who wanted to cut their flesh could not even find the door. The amount of liquidated positions across the entire network set a historical record.
Starting in the afternoon, the market seemed to have been swept away from the floor. BTC plummeted from 43,000 to around 30,000 during the session; ETH was even worse, falling from 3,400 to below 2,000, almost halved in a single day. The news that China reiterated its strict prohibition on financial institutions providing encryption services became a trigger. Leverage bulls stepped on it step by step. Several top exchanges were stuck and down during the most panic period. People who wanted to cut their flesh could not even find the door. The amount of liquidated positions across the entire network set a historical record.
For the first time, there was a screen-breaking panic in Discord. Some people posted screenshots of liquidation, some asked if the project is still being completed, and some quietly left the group. The night watchman sent a long message, to the effect that what he bought was not this K-line, but the fact that "games can bring ordinary people to the chain". If it fell back, he would pretend that it had never risen. This news was liked all night.
The studio's reaction was repeatedly mentioned later: the regular meeting that night was held as usual, with only two topics on the agenda - the feedback list for the Iron Pigeon demo version, and the second version of the parameters of the matching algorithm. Someone suggested posting a tweet to "appease the community", but was rejected: If the product does not change, there is nothing worth appeasing. Before the meeting ended, the management only left one sentence: The money on the account is planned for a two-year bear market, and it will be implemented starting from today.
The author stayed in the office very late that night. The fog from San Francisco poured in outside the window as usual, and the screen turned red. A small studio that had not released any token had nothing to lose when others collapsed - this was probably the only luck that night.
——Recorder's note: The bull market teaches people greed, while the slump teaches people discernment. It’s very clear who is working and who is dreaming this day.