On December 1st, the crypto market taught everyone a lesson—what it means "to come quickly and leave just as fast." Bitcoin plummeted directly from the 90,000 USD high it had just held above last week, falling as much as 6% at one point during the day, breaking through the 86,000 USD mark. Although it slightly recovered by the close, it still fell by nearly 5%, gasping at 85,800 USD.

Other mainstream coins? Even worse. Ethereum couldn't hold the $2900 line and fell by 5.41% to $2829. XRP and Dogecoin led the drop, plummeting over 7%. Solana and Ada also fared poorly, both nearly down 6%. The entire market is in a state of wailing.

The most heartbreaking are the contract players. According to Coinglass data, the number of liquidations across the network surged to 218,800 in 24 hours—note, that's 218,000 "people". The liquidation amount is even more staggering: long positions evaporated a direct $466 million, while short positions only lost over $60 million. This wave of decline clearly indicates that the bulls have been slaughtered.

The single liquidation record has also been broken. On the ETH trading pair of a certain leading exchange, a unlucky person liquidated $14.48 million in one go. This amount is enough for an ordinary person to struggle with for several lifetimes.

The cryptocurrency concept stocks in Hong Kong were affected as well. OKLink fell nearly 15% at one point, with its stock price dropping to a low of 0.184 HKD. The entire crypto market collapsed like a house of cards.