$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 crash erased over $500 billion in total market cap and triggered nearly $20 billion in liquidations of top crypto assets. Bitcoin broke to a low of $104,582 and Ethereum to $3,460 on lower timeframes charts.
Causes 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 is at the center of growing controversy amid allegations of market manipulation.
- Over $700 million was deposited by Wintermute in the Binance hot wallet before the crash.
The crypto community blamed Binance and Wintermute, citing allegations of market manipulation by major players.
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.