Binance offers reimbursement following $19bn crypto crash impacting centralized exchanges, boosting DeFi.
The cryptocurrency market experienced significant turmoil on Friday following the announcement by US President Donald Trump of potential tariffs on China and export controls on software. The market, already under pressure due to high leveraging, saw a major sell-off, resulting in liquidations totaling $19 billion within hours. Bitcoin prices dropped 16%, briefly falling below $105,000, before recovering to $112,000 on Saturday. Altcoins also suffered heavy losses between 30% and 80%. Centralized exchanges faced challenges with failed orders, but decentralized finance (DeFi) protocols, such as Uniswap and Aave, operated smoothly. Despite the stress test, DeFi systems functioned well without any reported issues. While DeFi liquidations accounted for a small portion of the total losses, it was a record for the emerging industry.
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