Crypto Market Sees $19 Billion Liquidation Amid Global Economic Tensions
- On October 10, the crypto market experienced approximately $19 billion in liquidations across all exchanges.
- Around 75% of these liquidations occurred at approximately 9 p.m. ET, coinciding with a stablecoin depegging and asset transfer delays.
- The U.S. equity market also faced significant losses, with a total decline of $1.5 trillion and $150 billion in liquidations that same day.
- Binance Co-CEO Richard Teng stated that Binance supported affected users while other exchanges did not take similar actions.
- In the previous year, Binance facilitated $34 trillion in trading volume and has around 300 million users.
The liquidation event reflects broader geopolitical tensions and economic uncertainty affecting both cryptocurrency and traditional markets. Despite this volatility, institutional interest in the crypto sector remains robust, indicating ongoing deployment from larger investors.
Overall, the crypto market’s $19 billion liquidation on October 10 highlights significant market stress amid external economic pressures.(Source)
