Cryptocurrency Market Falls 4.1% Amid Wintermute and Binance Rumors
The cryptocurrency market experienced a significant downturn, with major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin dropping below key support levels.
- The market fell by 4.1% in the past 24 hours, driven by rumors of legal action against Binance by Wintermute due to issues from the October 10 crash.
- Speculation intensified when claims surfaced that Wintermute lost hundreds of millions during the crash and was preparing a lawsuit against Binance over unfair ADL executions.
- Binance acknowledged system overloads but denied any fault leading to losses. The crash led to $19-20 billion in liquidations within 24 hours.
- Wintermute's founder, Evgeny Gaevoy, refuted the lawsuit rumors, stating they never planned or intend to sue Binance.
- Additional market pressure stemmed from Fed Chair Jerome Powell indicating no imminent rate cuts and continued outflows from spot Bitcoin ETFs.
Current trading prices:
Bitcoin: $104,502 (-2.8%)
Ethereum: $3,490 (-6.0%)
Dogecoin: $0.1618 (-6.8%)
