Crypto’s $19 billion ’10/10′ nightmare: Why everyone is blaming Binance for the bitcoin crash that won’t end
At first glance, the $19 billion liquidity wipeout on Oct. 10 looked routine: a rapid chain of liquidations, or forced closures of trading positions, across major exchanges as bitcoin , the largest cryptocurrency, tumbled.
It’s what followed, and the lack of transparency over the day’s events, that’s made the largest single-day liquidation by dollar value in crypto history frustrating for traders and changed crypto trading fundamentally.
And one name has everyone’s attention: Binance.
The world’s largest crypto exchange has, for many, become the face of the crash, which saw bitcoin drop as much as 12.5%, the most in 14 months. That forced exchanges to close or liquidate leveraged positions that had run out of funds to…
