$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 dropped to lows of $104,582 and $3,460, respectively, 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 a market crash by sending large amounts of Solana, Ethereum, and Bitcoin to Wintermute.
- Wintermute: a market maker linked to Binance, deposited over $700 million into Binance's hot wallet before the crash, sparking allegations of market manipulation.
- Donald Trump: US President, implicated in the crash by the crypto community.
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.
Author's summary: Crypto market crashes, erasing $500B.
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