$500B Crypto Market Crash: Attack on Binance, $700M Wintermute Move, Trump Impact
The crypto community reveals why they blamed Binance, Wintermute, and Donald Trump primarily for the largest-ever crypto market crash.
The largest-ever crypto market crash erased over $500 billion in total market cap and triggered nearly $20 billion in liquidations of top crypto assets. Lower timeframes charts revealed Bitcoin broke to a low of $18,104 and Ethereum to $1,300.
Cause of the Crash
The crypto community primarily blames crypto exchange Binance, market maker Wintermute, and US President Donald Trump for the flash crash.
- Binance-linked market maker Wintermute found itself at the center of growing controversy amid allegations of market manipulation by major players again.
- This comes in response to over $700 million deposited by the market maker in the Binance hot wallet before the crash.
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 blamed on Binance, Wintermute, and Trump.