On October 10 (10/10 event), the crypto market experienced a major liquidation of around $19 billion across both centralized and decentralized exchanges. According to Richard Teng, Co-CEO of Binance, this was not caused by Binance, but rather by macroeconomic and geopolitical shocks.
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75% of the liquidation occurred around 9 PM ET, coinciding with the temporary depegging of stablecoins and a slowdown in asset transfers.
Teng emphasized that there is no evidence of mass withdrawals at Binance, and Binance is actually supporting affected users.
The macro factors triggering this include:
New US tariffs on China
China's export policy on rare earth metals
Uncertainty in interest rates and global geopolitical tensions
Traditional markets also fell: US equities lost around $1.5 trillion in market value on the same day.
Institutions remain strong: despite weakened retail demand, institutional and corporate participation remains solid.
Binance recorded a trading volume of $34 trillion last year, serving around 300 million global users.
