Binance Attributes Historic Crypto Liquidation Day to Macro Risks

According to Binance, the alarming crypto market downturn on October 10 can be primarily attributed to a combination of macroeconomic concerns, a wave of cascading liquidations, and a scarcity of market liquidity. The exchange also recognized that two specific issues related to its own platform emerged after the majority of the losses had already been incurred.

This notable event, characterized as the worst liquidation day in the history of cryptocurrency, highlights the vulnerabilities present in the market when external economic factors influence trading behavior. Binance's assessment sheds light on how broader market sentiments can significantly impact digital asset prices and liquidity conditions.