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Although the market generally believes that Trump's tariff remarks have disturbed sentiment in the crypto market, the sudden plunge in altcoins was far greater than expected. What exactly triggered this unexpected collective drop in altcoins?
Over 1.63 million people were liquidated in the market, and market sentiment shifted overnight from greed to fear.
Tariffs have reignited the US-China trade war, causing trillions in stock market value to evaporate and shaking global markets.
Some stayed up all night, some saw their portfolio go to zero overnight; once again, the crypto world staged a "doomsday reboot" amidst the storm.
Analyzing the Role of Bullish Traders in Defending Key Support Levels Amid Market-wide Liquidations
- 10:58US Republican lawmakers say government "shutdown" does not help midterm electionsJinse Finance reported that on October 9 local time, U.S. Republican Congresswoman Marjorie Greene stated in an interview that she does not believe a government "shutdown" would help Republicans win the midterm elections, nor does she agree with Republicans ignoring the Medicare crisis. She cited her own experience to illustrate that prices in the United States have not decreased. Marjorie Greene said that inflation is overwhelming people, and Americans are struggling to make ends meet. She emphasized that if her children were affected as a result, she would abandon her party affiliation and fight for them with all her strength. She added that this generation can hardly make a living and feels hopeless about the future.
- 10:23Solana on-chain DEX 24-hour trading volume surpasses $8 billionJinse Finance reported, citing market sources: During last night's large-scale liquidation event, Solana decentralized exchanges processed over $8 billion in trading volume, with Orca leading at $2.49 billion. Data shows that the 24-hour trading volume of four Solana decentralized exchanges—Orca, Meteora, Raydium, and HumidiFi—all surpassed the $1 billion mark.
- 10:23Renzo community proposes to buy back and burn 10% of the total REZ token supply over the next 6 monthsOn October 11, it was reported that the Renzo community has released governance proposal RP 6, planning to use protocol revenue over the next 6 months to buy back and burn REZ tokens equivalent to 10% of the total supply. The plan has already been initiated and the first buyback has been completed, using Q3 2025 revenue to burn tokens amounting to 1% of the total supply and 2.3% of the circulating supply. After approval by Renzo governance, the initially purchased 1% REZ will be included in the plan's target. Over the next 6 months, 75%-100% of the protocol's revenue will continue to be used for buybacks, with 9% of the targeted 10% total supply to be burned and 1% to be rewarded to ezREZ stakers. The proposal has now been published on the governance forum and is awaiting community discussion.