The $20B #Crypto market crash.It all happened on October 10th, and there were some rumours on Wintermute.What did really happen? Why was this crash 10x bigger than FTX?Watch the episode of @new_era_finance with @JO_wintermute here: https://t.co/yJwRK4RwyN https://t.co/hpVIwtkUud ...

Core Insights - The crypto market experienced its largest liquidation event, with $19 billion wiped out from leveraged positions, primarily affecting long traders [1][5] - Binance announced a recovery initiative called "The $400 Million Together Initiative," aimed at rebuilding confidence in the market [2][3] Market Impact - On October 10, the market crash was triggered by President Trump's announcement of potential 100% tariffs on Chinese imports, leading to significant price drops in major cryptocurrencies [4] - Bitcoin's price fell from $122,000 to as low as $104,000, while Ethereum and smaller cryptocurrencies experienced declines of 30% or more [4] Liquidation Details - The liquidation event affected approximately 1.6 million accounts, with a majority being long positions [5] - Stablecoins like Ethena's USDe briefly lost their peg, dropping to 65 cents due to technical issues and low liquidity [5] Binance's Response - Binance plans to distribute $300 million in token vouchers to users who suffered forced liquidation losses, with eligibility criteria based on the percentage of net assets lost [2][3] - Additionally, Binance will provide a $100 million low-interest loan fund for institutional users impacted by the market fluctuations [3] Market Dynamics - Analysts noted that market makers withdrew liquidity, creating a vacuum that exacerbated the sell-off, leading to auto-deleveraging on various platforms [6] - Platforms like Hyperliquid and Bybit reported significant impacts, with Bybit closing $1.1 billion in short positions [6]

Live now: Crypto market crash and London revival with Flight3 foundershttps://t.co/b3za8ppk7v ...