On this day in 2021, crypto went through one of its most violent single-day selloffs in history.

Bitcoin dropped roughly 30%+ in a matter of hours, and the shockwave didn’t spare anything — Ethereum, BNB, XRP, ADA, and most major alts all collapsed together. Charts flipped deep red almost instantly, and the entire market structure broke at once.
The trigger was a fresh wave of regulatory pressure out of China, where authorities intensified restrictions on crypto mining and trading. That headline hit an already fragile leveraged market, and what followed was a cascade: stop-losses triggered, liquidity vanished, and forced liquidations accelerated the move even further.
For many traders at the time, it didn’t look like a “dip” — it looked like the end of the cycle. Sentiment flipped from extreme greed to pure panic in a single session.
But structurally, it became one of those defining shakeouts. After the deleveraging finished, price stabilized, rebuilt momentum, and eventually pushed into a much stronger continuation phase over the following months.
Moves like that don’t just reset prices — they reset positioning. The survivors of those environments usually remember one thing: when leverage clears out violently, the market often rebuilds from a cleaner base.
Today, it stands as a reminder that in crypto, the most aggressive selloffs often come during strong cycles — not at the end of weak ones.
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