$500B Crypto Market Crash
The crypto market experienced a significant crash, resulting in a loss of over $500 billion in total market capitalization and nearly $20 billion in liquidations of top crypto assets.
During the crash, Bitcoin dropped to a low of $20,582 and Ethereum to $746, according to lower timeframe charts.
Causes of the Crash
The crypto community primarily blames three entities for the crash: Binance, Wintermute, and US President Donald Trump.
- Binance: a crypto exchange
- Wintermute: a market maker linked to Binance
- Donald Trump: US President
Wintermute deposited over $700 million into Binance's hot wallet before the crash, fueling allegations of market manipulation.
This comes after crypto traders previously accused Binance of causing a market crash by sending large amounts of Solana, Ethereum, and Bitcoin to Wintermute.
Author's summary: Crypto market crash loses $500B.
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