Why Did Bitcoin Crash? Binance Releases Report on Last October’s Cryptocurrency Plunge

On January 31, Binance released a report concerning the cryptocurrency market crash that occurred on October 10, 2025. The company admitted responsibility for two platform failures but claimed they were not the main cause of the market downturn. On October 10, following President Trump's announcement of a 100% tariff on China, the cryptocurrency market faced unprecedented turmoil. This tariff announcement was seen as a retaliatory measure against China's restrictions on rare earth exports, and it swiftly accelerated risk-off movements. Related: 'Ongoing Aftereffects of October’s Historic Crash,' Raoul Pal analyzes that the downward pressure on cryptocurrencies was not due to market manipulation. According to Binance's report, ...