It's almost May 19 again, and for us who have been fighting and struggling in the crypto world, that day is truly unforgettable. I still remember the black swan event in 2021—so many people were wiped out overnight. The thrill of huge swings and the despair that followed still make me a bit fearful when I think about it now.

On the day of the 519 incident in the crypto circle, I watched Bitcoin plummet from $43,000 straight down to $30,000, a 30% drop. Ethereum was even worse, crashing from $3,300 to $1,900, nearly halving. Many smaller coins fell even more dramatically, some dropping over 50%. All exchanges froze completely, making it impossible to close positions; we could only watch our assets shrink, and that sense of helplessness was truly overwhelming.

Looking back, the trigger for this crash was actually quite clear. Elon Musk first invested $1.5 billion in Bitcoin through Tesla and announced accepting Bitcoin payments, which heated up the market. But suddenly, in mid-May, he did a 180-degree turn, citing environmental concerns, announcing he would stop accepting Bitcoin, and hinting at selling off. His words alone could trigger panic in the market, and by then, the market's sensitivity to his statements had already become pathological.

Adding to that, regulatory signals from China in mid-May also stirred the pot. The three major associations issued joint notices, Inner Mongolia started cracking down on mining. Although these policies weren’t new, the market sentiment was already fragile, and these signals were like the last straw.

Honestly, the market was already full of bubbles at that time. In the previous four months, Bitcoin had risen from $30,000 to $64,000, a gain of over 100%. Smaller coins like Dogecoin and Shiba Inu were even more absurd, rising from a few cents to several dollars—thousands of times increase. These surges had no fundamental support; they were purely driven by social media hype and retail speculation. The bubble was so big that a burst was only a matter of time.

What was most terrifying about the 519 event was the collapse of market sentiment. Greed suddenly turned into fear—everyone was panic selling, creating a vicious cycle. The fear index soared to a historic high of 0.8, while the greed index dropped to 10. The market was completely dominated by fear.

Fortunately, the next day, the market started to rebound. By the morning of May 20, Bitcoin recovered from $30,000 to $40,000, a 33% increase. Ethereum surged even more, from $1,900 to $2,800, a 47% rise. Some institutions and smart money began to buy the dip, and the market gradually stabilized.

Looking back at the 519 event now, it’s truly a memorable and unforgettable chapter. But honestly, with Wall Street institutions now heavily controlling the market, it’s very difficult to see such wild swings again. The market has become more rational, but it also lacks that raw, exhilarating excitement.