Black Swan Event

A black swan event is an unpredictable occurrence with severe and widespread consequences that is often rationalized in hindsight as having been inevitable. The term was popularized by Nassim Nicholas Taleb. In crypto markets, black swan events include major exchange hacks, sudden regulatory bans, algorithmic stablecoin collapses (like Terra/LUNA in 2022), or unexpected protocol failures that cause extreme market-wide price drops.