Here’s what happened in crypto today
Today in crypto, crypto traders’ “typical rationalization” behavior by pointing to Trump’s tariffs as the reason for the market dump, Zcash recovers to pre-crash highs, Crypto.com CEO Kris Marszalek has urged regulators to probe exchanges after $20 billion in liquidations.Crypto traders blame Trump’s tariffs in search of ‘singular event’: SantimentCrypto retail traders were quick to blame Friday’s broader crypto market decline on US President Donald Trump announcing a 100% tariff on China, as they often look for something to point the finger at during downturns, according to Santiment.Analysts, however, say the reason for the market slump runs deeper than the tariffs alone.“This is typical 'rationalization' behavior from retailers, who need to point to a singular event as the reason for a cataclysmic downturn in crypto,” Santiment said in a report on Saturday.“After the crash, the crowd quickly jumped to collectively come to a consensus as to what the flush could be attributed to,” Santiment said, referring to the increase in social media discussions related to both the crypto market and US-China tariff concerns.Zcash reclaims pre-crash highsThe price of Zcash recovered to pre-crash highs and hit a new high of about $293 on Saturday, following a rapid flash crash on Friday that caused $20 billion in crypto liquidations within 24 hours.Zcash is trading at about $293 per coin at the time of this writing, after plummeting by 45% on Friday; the price recovery sets it apart from most of the altcoin market, which suffered double-digit losses that extended into Saturday. Altcoins shed as much as 95% of their value on Friday, following a statement from US President Donald Trump announcing increased tariffs on China.The crash represents the most rapid and severe crypto liquidation event in the history of the sector and is a reminder of the risks of leveraged trading. Crypto.com CEO calls for probe into exchanges after $20B liquidationsCrypto.com CEO Kris Marszalek has called for a regulatory investigation into exchanges that suffered the largest losses following a record $20 billion in crypto liquidations over the past 24 hours.In a Saturday post on X, Marszalek urged regulators to “conduct a thorough review of fairness of practices,” asking whether trading platforms had slowed down, mispriced assets, or failed to maintain proper anti-manipulation and compliance controls during the crash.“Regulators should look into the exchanges that had most liquidations in the last 24 hours,” he wrote. “Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?”Data from CoinGlass shows that Hyperliquid led all exchanges in liquidations, recording $10.31 billion in wiped-out positions. It was followed by Bybit with $4.65 billion, and Binance with $2.41 billion. Other major platforms like OKX, HTX and Gate saw smaller totals, at $1.21 billion, $362.5 million and $264.5 million, respectively.