Recently, Bitcoin has led the market downward, and the cryptocurrency market has once again been shrouded in panic. In the past 7 days, the Cryptocurrency Panic and Greed Index has fallen to 10, hitting a new low since June 2022 and at an extreme panic level. I sorted out some data and looked at the cyclical fluctuations in the crypto market in the past few years. From the perspective of several key factors that triggered panic moments, including the macro-economy, the internal crisis of the industry, the bursting of the speculative foam and regulatory pressure.