In the development of cryptocurrency, the market has experienced several major events that have had a profound impact on the entire industry. The most well-known of these includes the Mt.Gox exchange incident that occurred in February 2014. As the largest Bit trading platform in the world at the time, Mt.Gox suffered from a serious security breach, resulting in the theft of approximately 850,000 Bits. This incident not only caused huge losses but also triggered severe market fluctuations, leading to a significant fall in Bit prices, which dealt a heavy blow to investors.

In September 2017, the Chinese government implemented a series of strict control measures against encryption currencies. These policies included a complete ban on Initial Coin Offering (ICO) activities and the operation of cryptocurrency exchanges. As one of the most active regions for global cryptocurrency activities at the time, China's decision had a significant impact on the global market. Many Chinese trading platforms were forced to operate overseas, and the prices of encryption currencies also experienced significant fluctuations.

On March 12, 2020, the cryptocurrency market faced a severe test once again. Due to the spread of the global COVID-19 pandemic, investors' concerns about the economic outlook intensified, leading to a significant fall in the prices of various assets. On this day, the price of Bit dropped sharply from around $7900 to about $4000, setting a record for the largest single-day fall. This event not only reflects the high volatility of the cryptocurrency market but also highlights the increasingly close connection between it and traditional financial markets.

These events not only affected the short-term price trends of cryptocurrencies, but also profoundly changed the development trajectory of the industry. They have driven stricter security measures, more comprehensive regulatory frameworks, and a renewed understanding of risk management among market participants. Despite these setbacks, the cryptocurrency market continues to demonstrate strong resilience, drawing the attention of global investors and innovators.