$500B Crypto Market Crash
The crypto market experienced a significant crash, erasing over $500 billion in total market cap and triggering nearly $20 billion in liquidations of top crypto assets.
Bitcoin and Ethereum prices plummeted, with Bitcoin reaching a low of $104,582 and Ethereum reaching $3,460 on lower timeframe charts.
Causes of the Crash
The crypto community primarily blames Binance, Wintermute, and Donald Trump for the crash.
- Binance: accused of causing market instability
- Wintermute: a market maker linked to Binance, deposited over $700 million into Binance's hot wallet before the crash
- Donald Trump: US President, impact on the market
The crypto community blamed Binance-linked market maker Wintermute, finding itself at the center of growing controversy amid allegations of market manipulation by major players again.
In September, crypto traders accused Binance of causing a market crash by sending huge amounts of Solana, Ethereum, and Bitcoin to Wintermute.
Author's summary: Crypto market crash erases $500B.