NEW YORK / LONDON (IT BOLTWISE) – The crypto market recently experienced unprecedented volatility, resulting in a liquidation of around $19 billion. Binance has subsequently announced a $400 million relief program to support affected traders. The move follows reports that a misunderstanding by US President Donald Trump about China’s export controls triggered the crash.
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The crypto market was recently rocked by unprecedented volatility, resulting in a liquidation of around $19 billion. These events surpassed even the worst days of the FTX collapse in 2022, highlighting both the market’s growth and its continued fragility. The trigger for the sell-off was reportedly a misunderstanding by US President Donald Trump about China’s export controls, leading to a sweeping tariff threat that sent risky assets reeling.
Amid this chaos, Binance once again found itself in the spotlight. The exchange has announced a significant $400 million relief program to support traders affected by the collapse. Under the new program, Binance will distribute $300 million in token vouchers to eligible users. To qualify, traders must have suffered liquidations on futures or margin positions during the height of the turmoil.
Additionally, Binance plans to launch a $100 million low-interest loan fund to support ecosystem participants affected by volatility. However, Binance emphasized that it assumes no liability for users’ losses. The move follows widespread criticism from traders, some of whom reported technical issues that prevented them from closing positions.
In another sign of increasing cryptocurrency adoption, JPMorgan plans to offer cryptocurrency trading services to its clients. This underscores Wall Street’s ongoing shift toward digital assets. Despite CEO Jamie Dimon’s previous skepticism, JPMorgan has steadily expanded its cryptocurrency-related activities in recent years.
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