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Crypto bloodbath wipes out billions, but signs of stabilization emerge
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Terry Duffy, CME Group chairman and CEO, weighs in as the cryptocurrency trading platform Coinbase lost half its value in the past week.
The crypto market was rocked by a dramatic plunge Saturday, marking one of the sharpest single-day drops in recent history and wiping out billions in value, one expert told FOX Business.
Crypto Exchanges Trade Blame Over $20 Billion Market Liquidation
Global markets tumbled on October 10 after US President Donald Trump announced a 100% tariff on Chinese imports, triggering panic across equities and digital assets.
Within minutes, a cascade of forced liquidations erased nearly $20 billion from crypto traders’ positions.
The turbulence spread quickly through major centralized exchanges. Users on Binance and other platforms reported frozen dashboards, failed stop-loss triggers, and flash crashes that briefly sent several tokens toward zero.
The disruptions sparked frustration across trading communities. Many traders questioned whether the crypto exchanges' systems had malfunctioned or if deeper market manipulation was at play.
Considering this, Crypto.com CEO Kris Marszalek called for an independent review of exchanges that experienced the heaviest liquidations during the market crash. He said billions in users’ funds vanished overnight, and regulators must act to protect them.
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