October 10 Crypto Crash Triggers $20 Billion Liquidation Event
On October 10, the crypto market faced its largest liquidation event in history, raising concerns about alleged market manipulation.
Key Points
- Bitcoin (BTC) and major cryptocurrencies experienced a significant downturn. BTC dropped below $110,000.
- Ethereum (ETH), XRP, and Binance Coin (BNB) recorded weekly losses of 10%, 17%, and 7%, respectively.
- Total crypto liquidations exceeded $20 billion, with 208,864 traders liquidated, resulting in losses of approximately $691.63 million.
- MartyParty criticized centralized exchanges for their lack of transparency and potential for manipulation.
- He warned of impending lawsuits against alleged manipulators and predicted it could become a major fraud case.
Concerns Regarding Binance
- Crypto Emre highlighted how crashes can be orchestrated using Binance's platform.
- He claimed that Binance can manipulate prices by opening short positions with private trading bots.
- This practice allegedly allows exchanges to replace user-held tokens at lower costs after price drops.
- Emre suggested that such practices might prevent a strong crypto bull market as long as they continue.
The future actions of regulatory bodies or individuals against these alleged practices remain uncertain.
