Crypto’s biggest crash yet wasn’t a failure, but proof the system works
Not a full month after one of the larger crypto liquidations, in which $3.62 billion in long positions was wiped out, the industry outdid itself. On the 10th of October, nearly $20 billion vanished. To make it sting even more, it happened in Uptober, the month crypto traders usually toast as their lucky charm.
Here is how it went down. Last week President Trump decided to lob another grenade across the Pacific, announcing via Truth Social a sweeping 100 per cent tariff on all Chinese imports effective from November 1, paired with new export controls on critical US software. It was the most aggressive move since the fragile May truce, marking a clear break from earlier rhetorical threats that had been watered down or delayed.
Normally,…
