Market Volatility: Bitcoin, Ethereum, and Solana After the Flash Crash
Following President Donald Trump's tariff threat, the crypto market experienced a significant downturn, with Bitcoin and Ethereum prices plummeting. Technical indicators now suggest a mixed recovery outlook for these cryptocurrencies, as well as Solana.
The flash crash occurred on October 10, when Trump announced a 100% tariff on all Chinese products starting November 1, triggering a global market reaction. As a result, Bitcoin dropped from above $125,000 to below $102,000, and Ethereum fell to below $3,800.
- 1.6 million traders were liquidated
- $19 billion in value evaporated
- The single-day wipeout was the largest in history, exceeding the losses of the FTX collapse in 2022 and the COVID market crash combined
Before the crash, markets were bullish, with traders betting on new all-time highs across crypto, according to Myriad—a prediction market developed by Decrypt’s parent company Dastan.
Author's summary: Crypto market faces mixed recovery after flash crash.