This time the cryptocurrency market's sharp decline can be boiled down to two forces colliding. From the surface, the immediate cause was the news of escalating trade tensions between Europe and the US this morning, which cast a shadow over the global economic outlook. Everyone panicked and quickly sold off high-risk assets—stocks and virtual currencies—to convert them into cash or gold. This marked the beginning of the first wave of sell-offs.

But the core issue lies within the virtual currency market itself. It is filled with traders using high leverage to speculate, and once prices start to fall, their accounts are immediately triggered for margin calls. Automatic liquidation systems force positions to be closed out to repay debts, which in turn accelerates the market decline. The result? Liquidations cause prices to plummet further, more accounts are wiped out, like knocking over the first domino, causing a chain reaction that leads to a疯狂的跌幅。

Essentially, this crash exposes a deep-rooted problem in the virtual currency market. So far, it remains a high-risk asset in investors' minds and has not truly earned the status of "digital gold." When a risk event occurs, virtual currencies behave similarly to stocks, or even more volatile. This not only highlights the market's fragility but also serves as a stark reminder: once the leverage game spirals out of control, the consequences can be severe.