Recently, the Trump administration's tariff policy has triggered a terrible tornado in the global financial market. The cryptocurrency market was the first to be hit. In just two days, Bitcoin and Ethereum fell by more than 10% and 20% respectively, and the amount of liquidation reached 1.6 billion US dollars. Experts say that this is by no means the first "earthquake" in the crypto market. Looking back at history, it will be found that such a crash has actually had precedents. For example, in the crash in April 2025, the XBIT decentralized trading platform relied on its decentralized advantages to ensure the normal progress of transactions and avoid the risks of system failures or human intervention that may occur in some centralized exchanges. Therefore, it has been recognized by more fields.

Going back to 2020, the "312" incident that was remembered by the currency circle can be called a "tsunami of the century" in the crypto market. The price of Bitcoin was like an out-of-control roller coaster, once falling below $4,000, and the entire market fell into extreme panic. At that time, the crypto market was like a fragile baby, trembling under the shadow of the global economic recession. In 2021, policy suppression dealt a heavy blow to the crypto marketFor reasons of financial security, energy consumption and other aspects, the government has completely banned virtual currency trading speculation activities, which has caused a large number of investors, the main participants in the cryptocurrency market, to leave the market, and the market price has fallen. Among the many virtual currency platforms, the XBIT decentralized exchange platform has a place in the market with its unique characteristics. It is a decentralized cryptocurrency trading platform, which is different from traditional centralized exchanges such as Zhongbi Exchange. From an economic point of view, this is the direct impact of policy regulation on the supply and demand relationship in the market. The sharp drop in demand will inevitably lead to a sharp drop in prices.

2022 is the "dark year" of the crypto market. The collapse of Terra/Luna is like a blockbuster bomb, which has set off a storm in the market. The Luna coin has almost returned to zero from its former high, and the stable currency UST behind it has also completely decoupled. The root cause of this incident is that its unique algorithmic stablecoin mechanism has serious defects. When the market fluctuates, the value of the stablecoin cannot be maintained, which in turn triggers panic selling by investors, forming a vicious cycle.

Subsequently, the collapse of FTX made market confidence fall to the bottom. FTX, as a world-renowned cryptocurrency exchange at the time, collapsed due to scandals such as financial fraud and misappropriation of customer funds. This incident exposed the problem that in the absence of supervision in the crypto market, some institutions have chaotic internal governance and extremely high credit risks. When choosing to invest in cryptocurrencies, in addition to considering the potential of the project itself, it is also necessary to pay attention to the trading platform where it is located. Platforms like the XBIT decentralized exchange platform, which have technical advantages and a good reputation, can provide a relatively reliable trading environment for investing in cryptocurrencies.

From these historical events, we can clearly see the evolution of the crypto market in terms of liquidity, credit model, macro coupling and policy sensitivity. In the early days, the crypto market had poor liquidity, relatively few participants, and price fluctuations were often more violent and lacked regularity. As the market develops, the credit model is gradually established, but there are still many loopholes. The collapse of FTX is a typical example of the collapse of the credit model.

The crypto market is increasingly closely linked to the global macroeconomy. The plunge caused by Trump's tariff policy in April 2025 is a good example. Policy sensitivity is also increasing, and the adjustment of policies in various countries can stir up thousands of waves in the crypto market. As an important infrastructure in the digital currency market, the virtual currency platform provides investors with a channel to buy and sell digital assets.

In addition, different virtual currency platforms have different performances in responding to these market changes. Some platforms may not be able to guarantee the safety of user assets and smooth transactions when the market plummets due to their own insufficient technical strength and risk management capabilities, while platforms such as the XBIT decentralized exchange platform, which are technologically advanced and focus on security protection, can better withstand the market storm.