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Friday brought carnage onto crypto markets as U.S.-China trade tensions ratcheted up with Trump threatening a massive increase in tariffs against Chinese goods.Worst-hit among the crypto benchmark CoinDesk 20 Index constituents was Ethereum’s native token ether ETH$4,010.02, nosediving 7% from Friday’s session high and hitting its weakest price since late September below $4,100. Its decline far outpaced bitcoin’s BTC$116,916.75 3.5% drop below $118,000 and the index’s 5% plunge.The broad-market downturn spurred a liquidation cascade across crypto derivatives markets, wiping out over $600 million of leveraged trading positions among all assets, CoinGlass data shows.ETH also led in liquidations with over $235…

In brief Major banks including Banco Santander, Citi, Bank of America, and Deutsche Bank are exploring a “1:1 reserve-backed form of digital money.” The banks said in a statement that the potential product would be pegged to G7 currencies. A number of companies and banks worldwide are interested in issuing stablecoins. A group of international banks have said they are working together to explore issuing a stablecoin product. The banks—Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group, and UBS—said Friday that the digital token would be pegged to G7 currencies,…

The cryptocurrency market, a landscape famed for its volatility and rapid innovation, operates on a rhythm dictated by the dominance of Bitcoin and the subsequent explosion of Altcoins. This pattern is proof that the market still moves to BTC’s beat, positioning it as the unseen conductor of this vast digital sector. How Bitcoin Dominance Peaks Before Altcoin Euphoria In an X post, Swissblock has mentioned that the Bitcoin and Altcoin cycle continues to indicate that the crypto market remains firmly anchored to BTC dominance. Despite the rise of narratives and market behavior, the market is now approaching the full BTC…

Illegal crypto mining operations in Russia are causing the country to lose 10 million rubles, or $122 million, a year from uncollected taxes. Despite legalizing the sector last year, underground crypto operations are skirting the federal tax authority.Sponsored SponsoredTax Evasion and Hidden Mining HubsHundreds of millions of dollars in taxes are evading Moscow’s grasp due to unreported income from illegal crypto mining.Despite Russia legalizing crypto mining in August last year, many informal mining operations continue evading the federal tax authority. This widespread tax evasion reportedly costs the country over $122 million in missing tax revenue.According to reports from local Russian outlets,…

Crypto market analyst Javon Marks believes the Dogecoin price could be preparing for one of its biggest price jumps yet. He thinks this setup gives the coin a strong chance to rise much higher in the current bull market if the pattern continues to repeat as it has before. Marks explains that this pattern is not random but follows historical price data that has proven accurate over time. In his view, Dogecoin has built a reputation for repeating its market behavior during each major cycle. Every time the setup has formed, the price has responded by moving sharply higher.  Javon…

Investment keeps flowing into prediction markets.Kalshi announced today, Friday, Oct. 10, that it has “recently raised” $300 million at a valuation of $5 billion, a figure consistent with earlier reports.The funding round was led by VC firms Sequoia and Andreessen Horowitz, with crypto investment firms Paradigm and Coinbase Ventures and several other investment firms also participating. Kalshi CEO Tarek Mansur also mentioned actor/comedian Kevin Hart, NBA star Kevin Durant, and Durant’s business partner Rich Kleiman as new investors.Additionally, Kalshi revealed it has expanded beyond the US, going live in more than 140 countries, a move that deepens liquidity on the…

Bitcoin BTC$116,495.49 miners are extending gains in pre-market trading as the artificial intelligence and high-performance computing (AI/HPC) boom accelerates, particularly benefiting those pivoting their operations toward AI infrastructure. IREN (IREN) is up 4% at $66 after a 6% rise on Thursday, now up more than 520% year-to-date. TerraWulf (WULF) is 5% higher pre-market after a 10% surge on Thursday, bringing its YTD gain to 150%. Other notable movers include Cipher Mining (CIFR) CleanSpark (CLSK) and Bitfarms (BITF), which all trade 2%-4% higher in pre-market.The total market capitalization of the miners is nearing $90 billion, according to Farside data, and on…

On Thursday, a single user on the decentralized trading platform Hyperliquid lost about $21 million after a private key leak led to an exploit involving the platform’s Hyperdrive lending protocol.According to blockchain security company PeckShield, the attacker targeted 17.75 million DAI (DAI) and 3.11 million SyrupUSDC, a synthetic version of the USDC stablecoin used within Hyperdrive, and subsequently bridged the stolen funds to Ethereum.PeckShield has not confirmed how the private key was compromised.Source: PeckShieldAlertThe exploit comes amid rapid growth for Hyperliquid, which has attracted significant attention due to its points-based rewards program designed to boost liquidity and user participation. The…

Morgan Stanley, one of the world’s largest wealth managers, has reportedly informed its financial advisers that all clients will be able to invest in cryptocurrency funds starting Oct. 15, CNBC reported.Advisers will be able to offer crypto funds to clients with individual retirement accounts (IRAs) and 401(k)s, a significant shift from the previous policy that restricted access to high-net-worth investors with over $1.5 million in assets and an aggressive risk profile.The move could unlock millions of dollars currently tied up in other assets, paving the way for a portion of that capital to flow into cryptocurrencies. As of June 30,…

Hedera Hashgraph’s HBAR token came under heavy institutional selling pressure over the 24-hour trading period ending October 10, with prices fluctuating within a volatile 6% range between $0.21 and $0.22. Despite early resilience that saw HBAR climb toward intraday highs near $0.22, the digital asset reversed sharply in the final trading hour, as institutional investors initiated broad-based selloffs that erased earlier gains.Trading data pointed to exceptional activity during this selloff, with volumes surging to 262.49 million—nearly six times higher than the session’s 47.32 million average. Analysts identified the 3:00 PM hour on October 10 as the inflection point, where the…