Bitcoin, Ethereum Lead US$19 Billion Crypto Wipeout Amid Liquidity Shock
Bitcoin and Ethereum bore the brunt of a sharp crypto market selloff on Oct 10 that triggered over US$19 billion in liquidations, marking one of the most severe intraday meltdowns this year.
Bitcoin plunged as much as 12% while Ethereum tumbled 20% in a rapid cascade of forced selling before both partially recovered. The crash, which also sent Solana down 24.6%, was sparked by renewed US-China trade war fears following former US president Donald Trump’s threat to impose a 100% tariff on Chinese imports and Beijing’s countermeasures restricting rare earth exports.
“The selloff was a textbook example of how fragile crypto market liquidity can be,” Derive.xyz founder Nick Forster said.
He added that when volatility spikes…
