Market Meltdown: $20B Futures Wipeout Shakes Crypto to Its Core 💥
A historic liquidation swept through the crypto markets on October 10th, erasing over $19–20 billion in futures positions. The global crypto market cap plunged 9.4% to $3.75 trillion, impacting more than 1.6 million traders in a single day.
What Triggered the Crash:
Former President Trump’s announcement of 100% tariffs on Chinese goods sparked panic selling across risk assets. The pressure exposed weaknesses in margin systems and exchange infrastructure, amplifying losses as platforms lagged during peak volatility.
Bitcoin broke below key support levels, dragging ETH, BNB, and SOL into a steep decline.
What Comes Next:
Bitcoin is attempting to stabilize around $58,000, with near-term resistance near $65,000. Analysts note potential buying zones emerging if trading volume confirms a bottom. Meanwhile, Binance’s $283 million compensation fund aims to restore trader confidence and offset losses tied to system disruptions.
Despite the turmoil, some market veterans view this correction as a long-term accumulation opportunity — while others stay defensive amid rising trade tensions and regulatory uncertainty.
Markets are calmer now — but the shock has reminded everyone how quickly leverage can turn into liquidation.
