#比特币与黄金战争 One second, the price jumps from 87,000 to 24,000. Another second later, it returns to 87,000.

The crypto world is so thrilling. Many people see the quote collapse and are immediately stunned—did it really dump? Actually, no. This wave was caused by a niche stablecoin trading pair with severely insufficient liquidity. A large sell order directly broke through the entire order book, creating a "black swan" illusion.

The key point is: among the major global exchanges, the prices of BTC against USDT, USDC, and other highly liquid trading pairs have never wavered, always firmly staying near $87,000. That "flash crash" was just a virtual scare caused by microstructure imbalance.

So, where is the real damage?

It’s the high-leverage contract traders who are the victims. The no-penalty liquidation mechanism shows no mercy, with over $130 million in liquidations across the entire network within 24 hours. Some dream of getting rich overnight, but what they get is their accounts wiped out.

The lesson is painful but necessary: when trading, stick to mainstream trading pairs (BTC/USDT is the safest), and have respect for leverage multiples. Illiquid trading pairs are like swamps—seemingly calm, but stepping in means sinking deep. $BTC The volatility of ETH is already dangerous enough, and adding unreliable trading pair choices? That’s actively giving away money.