Binance's Richard Teng breaks down the ‘10/10’ nightmare that rocked crypto

Core Insights - Binance did not cause the crypto market liquidation event on October 10, but all exchanges experienced significant liquidations due to external factors such as China's rare earth metal controls and new U.S. tariffs [1] - The U.S. equity market lost $1.5 trillion in value on the same day, with $150 billion in liquidations, while the crypto market saw about $19 billion in liquidations across all exchanges [2] Group 1: Market Impact - Approximately 75% of the liquidations occurred around 9:00 p.m. ET, coinciding with a stablecoin depegging and delays in asset transfers [1] - Binance provided support to affected users, a move not taken by other exchanges [2] Group 2: Trading Volume and User Base - Binance facilitated $34 trillion in trading volume last year and has 300 million users, with no significant withdrawals reported from the platform [3] Group 3: Market Trends and Institutional Interest - The crypto market is influenced by broader geopolitical tensions, but institutional investment remains strong despite market fluctuations [3][5] - Retail demand is currently lower compared to the previous year, but institutional and corporate deployment in the sector continues to be robust [5] Group 4: Future Outlook - Uncertainty regarding interest rate movements and geopolitical tensions are ongoing concerns for crypto assets [4] - Historical trends indicate that crypto prices move cyclically, which long-term participants have observed [4]