In the crypto market, the “Black Friday” usually refers to the market experiencing a sudden, sharp drop within a short period: investor sentiment turns panicked, prices plunge significantly, and both major coins and small-cap altcoins generally fall in sync. Common causes include macro negative news, regulatory updates, leverage liquidations, and insufficient market liquidity. In this kind of market, high-leverage long positions are prone to a chain of liquidations, leading to a stampede-style decline. Although it looks extremely frightening in the short term, historically it has often come with opportunities for a rapid rebound. The key is to control your position size, avoid chasing after rallies or selling in panic, and stay calm while making judgments, so you’re not carried away by emotions.