Crypto Biz: ‘Sound money’ meets a sound beating as Binance pledges bailout
Crypto markets reel from a crash, Binance pledges relief, JP Morgan to offer crypto, and corporations are stacking BTC as Elon Musk praises it.
After surging to a record high above $126,000, Bitcoin and the broader crypto market have been shaken by unprecedented volatility — literally. On Friday, crypto markets saw their largest-ever liquidation event, totaling roughly $19 billion.
The wipeout surpassed even the worst days of the FTX collapse in 2022, underscoring both how much the market has grown since then and how fragile it remains.
The sell-off began in classic crypto fashion. Reports suggest US President Donald Trump may have misinterpreted China’s export controls, sparking a sweeping tariff threat that sent risk assets tumbling.