Recently, Bitcoin has led the market downward, and the crypto market has once again been shrouded in panic. According to data from Alternative.me, in the past 7 days, the cryptocurrency panic and greed index once fell to 10, hitting a new low since June 2022, and was at an extreme panic level. PANews sorted out the cyclical volatility events in the crypto market in the past few years, from the perspective of multiple key factors that triggered panic moments, including macroeconomics, internal crises in the industry, speculative bubble bursts, and regulatory pressure.