Crypto Market Crash: Causes and Effects
The crypto community has identified Binance, Wintermute, and Donald Trump as the primary causes of the largest-ever crypto market crash, which resulted in a $500 billion loss in total market cap and nearly $20 billion in liquidations.
During the crash, Bitcoin dropped to a low of $20,458 and Ethereum to $1,460, according to lower timeframe charts.
- Binance: The crypto exchange has been blamed for its alleged role in the crash.
- Wintermute: The market maker has been accused of market manipulation after depositing over $700 million into Binance's hot wallet before the crash.
- Donald Trump: The US President has also been implicated in the crash, although the exact nature of his involvement is unclear.
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 loses $500B.
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