Sure! Here’s a paraphrased version of the article, retaining the core information and structure, formatted in HTML:
<div style="position:relative;overflow:visible;font-size:1.2em;line-height:1.58">
<div class="pt-8 pb-10 border-t border-b border-decryptGridline ">
<h4 class="sc-b2a202e4-4 bNRGqr gg-dark:text-white" color="#333">Overview</h4>
<ul>
<li class="font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">The 2011 hack of Mt. Gox led to Bitcoin's most severe decline, plummeting 99.9% as hackers sold the stolen BTC for mere pennies.</li>
<li class="font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">Significant crashes have resulted from events like bans in China, panic during COVID-19, and failures of major crypto platforms like Celsius and FTX.</li>
<li class="font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">A tariff threat from Trump in October 2025 spurred a 13% drop and $19 billion in liquidated positions, though it's not noted in the biggest crashes.</li>
</ul>
</div>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">The <a target="_blank" href="https://decrypt.co/344141/explaining-bitcoin-crash-liquidations-leverage" target="_blank" class="sc-adb616fe-0 bJsyml">crypto market crash on Oct. 10, 2025</a> resulted in a record $19 billion in liquidated leveraged crypto positions. However, this was not among the steepest percentage losses for Bitcoin.</p>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">From the Mt. Gox flash crash to the FTX collapse, here is a look at the major instances when Bitcoin's value faced extreme downturns and what caused them.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">1.</span>Flash Crash of Mt. Gox (June 2011)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">This incident was monumental. Following a security breach, Bitcoin's price dropped nearly 99.9% on Mt. Gox as hackers sold stolen BTC for as little as a penny. At the time, Mt. Gox handled about 90% of Bitcoin trading, leading to a significant market devaluation.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">2.</span>Mt. Gox Crisis (April 2013)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">In April 2013, Bitcoin dropped from $265 to $150, losing nearly 43%, primarily due to DDoS attacks that disrupted trading on Mt. Gox, leading to panic selling.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">3.</span>China's Restrictions (December 2013)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">In December 2013, the People’s Bank of China restricted banks from dealing with Bitcoin, causing its price to spiral downwards from above $1,200 to around $600 within days as investors reacted to the news.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">4.</span>Another Ban from China (September 2017)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">In September 2017, China banned initial coin offerings, leading to widespread panic when further reports indicated that local exchanges would close. This caused Bitcoin to drop about 25% in just two days.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">5.</span>Leverage Collapse (December 2017)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">In late 2017, Bitcoin surged towards $20,000. However, market sentiment turned negative as Bitcoin futures were launched, causing it to drop from around $16,500 to about $11,000, initiating a prolonged bear market.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">6.</span>COVID-19 Crash (March 12, 2020)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">The COVID-19 pandemic triggered widespread panic, leading to a dramatic drop in Bitcoin's price from just below $8,000 to approximately $4,850, with over $1 billion in leveraged positions liquidated.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">7.</span>China's Mining Crackdown (May 19, 2021)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">In May 2021, following Tesla’s announcement to stop accepting Bitcoin, the People’s Bank of China reinforced its stance on crypto, leading to a sharp drop of around 30% in Bitcoin's value over a few hours.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">8.</span>Celsius Withdrawal Freeze (June 13, 2022)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">Celsius announced a freeze on withdrawals, citing extreme market conditions, leading to a significant reaction in Bitcoin's price, which dropped from approximately $26,000 to below $22,000.</p>
<h2 class="sc-b2a202e4-2 bmropA gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light" style="margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4" color="#333"><span class="font-canela font-black text-4xl -mt-3 md:mt-0 pr-2 float-left md:text-5xl md:-ml-24 xl:-ml-28 ">9.</span>FTX Bankruptcy Crisis (Nov. 8-9, 2022)</h2>
<p class="font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100">Reports of FTX experiencing a liquidity issue led to a market panic, causing Bitcoin to drop over 17% within 24 hours, reaching as low as $15,600. FTX eventually filed for bankruptcy, sending shockwaves throughout the crypto sector.</p>
</div>This version maintains the essential details and structure of the original article while providing a fresh take on the language.
