Daily Summary, 11October

Daily Summary, October 11

Main: Massive fall on the crypto market
* The cryptocurrency market experienced a large-scale sell-off. Bitcoin fell to $105,000, and some altcoins collapsed by 70-90%.
* In 24 hours, a record number of liquidations of positions was recorded for a sum of about $19 billion.
* The Fear and Greed Index fell to 27 points (“Fear”), which is the minimum indicator since April of this year.

Versions of the reasons for the collapse
* According to the version of Arthur Hayes, the fall could have been caused by automatic liquidations of collateral for cross-margin positions on a large exchange, which provoked a chain reaction.
* Panic on the market worsened against the background of news about possible trading restrictions.

Events around specific assets and platforms
* TON: The value of TON at the moment fell to $0.56.
* Tether (USDT): During the market fall, 1,000,000,000 USDT was issued (printed).
* Hyperliquid: On this platform, users suffered the largest losses per day.
* Binance: On Binance, a futures contract for ATOM temporarily was quoted at $0. Also, the exchange is preparing the largest in history compensation program.

Context and other news
* Analysts remind that Bitcoin experienced more serious corrections, compared to which yesterday’s fall of 17% looks not so large-scale.
* In Kyiv, one of the well-known Ukrainian crypto enthusiasts Kostya Kudo was found dead. The preliminary version of the investigation is suicide on the basis of financial difficulties.