David Siemer, CEO of Wave Digital Assets, told Newsmax on Tuesday that confidence in the cryptocurrency market remains shaken nearly two weeks after a $20 billion liquidation wiped out investor positions across major exchanges.
"Since the huge wipeout we had about 11 days ago, you're seeing the market just be really choppy," Siemer said on Newsmax's "National Report." "A lot of confidence was shook in the space."
The global crypto market suffered a massive correction on Oct. 10, when more than $20 billion in leveraged positions were liquidated. The sell-off triggered cascading failures among several major exchanges, temporarily locking traders out and amplifying losses.
Siemer said the sharp downturn was sparked partly by tariff-related headlines and broader macroeconomic concerns, but was exacerbated by failures among centralized crypto institutions.
"A lot of the exchanges in this asset class failed," he explained. "Volume went up 20 times. They couldn’t handle it, and that caused a huge shake in confidence. Everything cascaded down a lot more than it probably would have otherwise."
While Bitcoin has shown signs of recovery, Siemer said alternative cryptocurrencies have lagged behind.
"Yes, there’s always going to be a lot of enthusiasm for this asset — Bitcoin is rising," he said. "But we haven’t seen altcoins recover in pair. The market is just very unsettled. Confidence is really shaken."
Siemer noted that significant liquidations continue to ripple through the crypto sector, delaying a full recovery.
"It’s going to be a while until the market finds its footing again," he said.
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