be vigilant! The cryptocurrency industry may experience a black swan event, which could be triggered by the following reasons! 1. Regulatory policies The US SEC has listed cryptocurrency as a key focus of review in 2025, and other countries and regions may also introduce strict regulatory policies. Once regulation becomes stricter, it may lead to a significant decline in the market value of the cryptocurrency market. 2. Safety hazards Hacker attacks occur frequently, and on February 21st, Bybit exchange was attacked, resulting in losses of over 1.5 billion US dollars. Blockchain has issues such as smart contract vulnerabilities and weak server protection, which can lead to market volatility when large projects or platforms are attacked. 3. Excessive speculation Investors in the cryptocurrency industry often use high leverage. Once the market trend is reversed, it will trigger large-scale contract liquidation, leading to panic selling. The "5.19" contract liquidation wave in 2021 saw a significant drop in mainstream currency prices. 4. Technological change If AI and other emerging technologies have problems in the application of encryption, or the AI token foam bursts, it will impact the currency circle. 5. Macroeconomics Global economic recession and other issues can trigger panic, causing funds to withdraw from the cryptocurrency market. For example, in 2020, the COVID-19, the encryption market collapsed simultaneously. The crypto market, the alarm bell rings long, always vigilant, and do a good job in risk control!